The South African Reserve Bank (SARB) has reissued a public warning about counterfeit currency and urged South Africans to familiarise themselves with the security features of legitimate banknotes.

This follows a counterfeit money bust on Tuesday when undercover police arrested three men at a Lyttelton shopping centre in Pretoria. The operation uncovered a stash of fake banknotes and a printing machine believed to have been used to produce counterfeit rand and US dollar notes.

Police said they became suspicious after spotting a man loitering near ATMs. A search revealed counterfeit banknotes hidden among blank sheets of paper in his bag. More investigations led officers to a nearby house believed to be the base of operations, where two more suspects were arrested. They are expected to appear in the Pretoria magistrate’s court next Thursday.

According to the SARB, KwaZulu-Natal remains the No 1 province where fake and illicit banknotes are found, followed by Gauteng. Despite these hotspots, the Reserve Bank reports currency counterfeiting in South Africa has declined significantly in recent years.

The R100 note is the most counterfeited banknote, largely because it is also the most circulated denomination.

SARB currency management department head Pearl Kgalegi said the Bank works closely with law enforcement to crack down on counterfeit operations and remove fake notes from circulation. In 2023 the Bank launched a new series of banknotes, introducing updated designs and improved security features for the first time in a decade.

“Due to ongoing queries, the SARB reminds the public of the correct exchange process for the withdrawn 'Big Five' R200 banknotes,” she said.

After the May 31 2010 deadline, these notes can only be exchanged at the SARB Johannesburg Cash Centre in Newtown. The teller operates on Tuesdays and Thursdays from 9am to 1pm, offering direct cash-for-cash exchange.

The SARB has urged South Africans to “look, feel and tilt” their banknotes to confirm authenticity.

“The public is encouraged to re-familiarise themselves with the security features on banknotes and to examine them on receipt. Do not hesitate or feel embarrassed about holding a banknote up to the light.”

Key features to check include:

With counterfeit operations still active, the Bank warned that vigilance remains critical.