The Central Bank of Iraq has warned people about new scams involving fake and non-circulating banknotes.
In a statement, the bank said fraudsters are using several tricks to fool victims and take their money.
One scam involves so-called “$1,000,000” banknotes. These are being sold as if they are real money. The Central Bank made it clear that these are only commemorative notes with no monetary value. It also reminded the public that the highest real US dollar bill in circulation is $100.
Another common trick is the “black dollar” scam. In this scheme, scammers show black-colored paper cut to the size of $100 bills. They claim the notes are real dollars covered with a chemical coating that can be removed. The Bank said this is completely false and there is no such thing.
There are also cases where withdrawn foreign banknotes from different countries are being promoted as rare or valuable. Scammers then exchange them for large amounts of Iraqi dinars, even though the notes are worthless.
In addition, replica or specimen banknotes are being sold. These include US dollars and Iraqi dinars clearly marked “Specimen,” “Sample,” or “Void.” Some are sold as toys, but later misrepresented as real currency. The Bank said it has informed authorities to stop the printing or import of such items into Iraq.
The Central Bank urged citizens to be careful, verify any suspicious currency, and avoid falling into these traps.
