Toronto Police are alerting residents to a substantial rise in counterfeit money circulating throughout the Greater Toronto Area (GTA). The increase is particularly noticeable in $50 and $100 denominations, with a growing trend involving $150 bills.

Counterfeit Currency on the Rise

The Toronto Police Service (TPS) reports a significant jump in the value of counterfeit bills seized this year. In 2023, police collected $94,000 in counterfeit currency. As of this year, that amount has already surpassed $133,000 and continues to increase.

Facebook Marketplace Scam

Leza Polyakova, a North York resident, recently fell victim to this scam while selling her smartphone on Facebook Marketplace on April 5th. She agreed to sell her phone for $900 cash.

The buyer paid with eight $100 bills and two $50 bills, which initially appeared legitimate. However, an ATM flagged the bills as counterfeit when Polyakova attempted to deposit them.

Upon closer inspection, Polyakova discovered inconsistencies in the bill’s colour, a peeling magnetic strip, and repeated serial numbers on all the $100 bills.

Police Advice and Security Features

Detective David Coffey of the TPS emphasizes the importance of vigilance when conducting cash transactions, especially with individuals met online. He advises caution towards buyers who are eager to rush the exchange.

The Bank of Canada provides resources on its website to help Canadians identify genuine currency. Key security features include the holographic strip, watermark, and raised print.

Reporting Counterfeit Money

It is illegal to knowingly possess counterfeit currency. Individuals who encounter such bills are required to turn them over to the police. Polyakova is preparing to submit the fake bills to authorities and will avoid cash payments for future online sales.

The TPS urges anyone who suspects they have received counterfeit money to contact their local police station immediately. This increase in counterfeit activity highlights the need for heightened awareness and proactive measures.