Budget 2014: Pound change will stop fraudsters coining it in

Budget 2014: Pound change will stop fraudsters co...

Counterfeiting hoped to be cracked down on following the introduction of the new pound coin

Also on KPMG.com

18 March 2014 – Commenting on news that the existing £1 coin is to be replaced with one modelled on the 12-sided former three-penny bit, Hitesh Patel, UK Forensic Partner, says: “Changing the Pound is a welcome move that should go some way towards stopping counterfeiters from coining it in. After all, the reality is that, in today’s digital age, most people are cautious enough to regularly change passwords so a similar approach with our finances makes perfect sense." 

“With around 45 million fake £1 coins in circulation, the Treasury faces a constant battle against increasingly sophisticated criminals. It’s not easy to stay ahead of them, but today’s announcement is the latest clear signal of intent that fraud and counterfeiting will not be tolerated."

“The danger now, though, is that there is a risk of counterfeit currency flooding the market as fraudsters seek to dispose of their coins whilst the current Pound remains legal tender, and also create more counterfeit coins while they have the means to do so. It means that consumers and businesses, alike, must be particularly vigilant. Yet, at the same time, their focus must not be diverted entirely towards the Pound in their pocket; the digital age means that just as much vigilance must be paid to online transactions and payments in different currencies.”


- ENDS -


For further information please contact:

Mike Petrook, KPMG Corporate Communications

M: 07917 384576

E: mike.petrook@kpmg.co.uk

KPMG Press office: +44 (0)207 694 8773

Follow us on twitter: @kpmguk #budget2014

Chancellor’s Budget 2014


About KPMG

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

Connect with us


Request for proposal



KPMG’s new-look website

KPMG’s new-look website