The Central Bank of Iraq issued a public alert after monitoring multiple fraud schemes targeting citizens for financial gain, urging heightened precautions to avoid being deceived. The bank highlighted four prevalent methods: selling a purported USD 1,000,000 “banknote” that is in fact a non-circulating commemorative note, noting that the highest US dollar denomination is USD 100; marketing black-coated paper cut to the size of a USD 100 note as genuine currency on the false claim it can be restored by removing the coating; exchanging withdrawn-from-circulation banknotes from various countries that have no financial value for Iraqi currency at large sums; and passing off reproduced or printed US dollar and Iraqi dinar notes marked “model”, “null”, or “void”, including toy versions, as real banknotes.
Central Bank of Iraq warns the public about recurring banknote fraud schemes involving fake US dollars and invalid currencies
The Central Bank of Iraq issued a public alert regarding multiple fraud schemes targeting citizens, urging caution to avoid deception. The schemes include selling non-circulating commemorative notes as high-value currency, marketing black-coated paper as genuine currency, exchanging worthless withdrawn banknotes for Iraqi currency, and passing off reproduced or toy notes as real.