The number of counterfeit bank notes has risen to its highest level in five years, the European Central bank has warned.
More than half a million Euro banknotes were withdrawn after it was discovered that they were fakes.
But the ECB insists that Euro banknotes remain a “safe and trusted” means of payment.
Earlier this month, three people were arrested in Italy accused of forging €180,000 worth of fake banknotes.
The investigation, coordinated by the EU’s law enforcement agency, Europol, was led by the Italian Carabinieri and also involved authorities from Austria, Belgium, France, Germany and Spain.
Police uncovered a print shop which was producing large quantities of counterfeit euro banknotes.
€50,000 in fake €10, €20, €50, and €100 notes was seized.
Police believe the notes were being distributed across the Eurozone. It is possible some could have made it over to Ireland before being detected.
Europol said that the alleged criminals showed a “high level of technical expertise”.
They believe the counterfeit banknotes were being sold via an online messaging platform, with buyers making payments in cryptocurrency.
Once the payments were confirmed, the fake banknotes were sent through the regular postal service.
The European Central Bank insists that the number of fake notes in circulation is low, around 18 banknotes per million.
When the Euro currency first became legal tender in the early 2000s, more than 60 notes per million were fake.
“The public does not need to be concerned about counterfeiting but should remain vigilant. Most counterfeits are easy to detect, as they have either no security features or only very poor imitations of the existing features”, the ECB says.
The design of Euro notes is changing. At the moment, the banknotes have pictures of bridges or windows.
Two themes are in the running for the new set of notes, famous people representing European culture, including Ludwig van Beethoven and Marie Curie, or alternatively rivers and birds of Europe.
The final design will be chosen next year. The new notes will enter circulation sometime later.
Europol says the “threat of currency counterfeiting remains stable” and may decline as more people turned to paying by card and through new digital methods.
Nonetheless, it is a type of financial crime the agency is continuing to monitor.
“These threats are progressively destabilising the EU and are nurtured online, as criminal networks gradually exploit digital and online infrastructures, including messaging platforms, as in this operation [in Italy]”, Europol said.