BOK warns about increased use of fake money, some printed with EXO members' faces

While counterfeit banknotes are becoming rare in Korea, “fake money” is increasingly being used as if it were real currency, the country’s central bank warned on Thursday.

Fake banknotes with members of boy band EXO printed on them are seen in these photos uploaded to Korean social media. [SCREEN CAPTURE]

While counterfeit banknotes are becoming rare in Korea, “fake money” is increasingly being used as if it were real currency, the country’s central bank warned on Thursday.

The Bank of Korea said it detected 98 counterfeit banknotes in circulation in 2025, down 33.3 percent from 147 a year earlier.

The number of counterfeit bills has fallen steadily in recent years, with 197 found in 2023 and 147 in 2024. Last year marked the first time the figure dropped below 100, according to the central bank's report.

Among the 98 counterfeit notes found, 5,000 won ($3.40) notes accounted for the largest share with 35, followed by 10,000 won notes with 28, 50,000 won notes with 24 and 1,000 won notes with 11.

However, the central bank stated that though the production and circulation of high-quality counterfeit banknotes have declined, cases involving novelty “fake money” have increased. Such items, often designed to resemble real cash, are sold during commemorative events or used for personal or recreational purposes.

In one widely reported case in 2017, commemorative notes used at a concert by singer Lee Seung-hwan were spent at a school snack bar as if they were legal tender. Lee later wrote on social media, “Please turn yourselves in.”

More recently, posts circulated on social media, claiming a tourist in Jeju had used banknotes printed with the faces of members of EXO — a boy band known for hits like “Growl” (2013) and “Love Me Right” (2015) — while traveling around the island.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom. BY SHIN HYE-YEON [kim.juyeon2@joongang.co.kr]