Counterfeit-Like ‘Collectible’ Malaysia Ringgit Notes Raise Red Flags
Shockwaves have rippled through financial circles and consumer protection forums after it was discovered that RM100 banknotes are being sold for just 3.60 yuan (approximately S$0.68) on popular Chinese online marketplaces.
These suspiciously authentic-looking notes are marketed as UNC (Uncirculated) collectibles and bear a striking resemblance to real Malaysian currency in both design and size. The unnerving part? These imitation notes lack any “sample” watermark or disclaimer, making them potentially dangerous tools for counterfeit currency circulation.
A closer look at listings on several e-commerce platforms reveals that sellers openly offer these so-called “craft notes” with high-definition images and even promotional videos. While they claim the products are only meant for display or commemorative purposes, the absence of regulatory markings fuels concerns they could be abused by bad actors for illegal transactions or scams.
Sellers Claim Notes Are ‘Art Pieces’, But Experts Warn of Risk
According to seller statements, these RM100 replicas are printed as collectible currency, not legal tender, and are intended purely for decorative or hobbyist purposes. “They’re not meant to be used as money,” insisted a customer service representative when contacted by a journalist.
However, authorities and financial analysts remain unconvinced. Without any “sample” wording, the fake notes can be easily mistaken for the real deal—posing a significant risk of entering the general public circulation.
In fact, some listings go so far as to highlight consecutive serial numbers on the notes, touting their “rarity” to boost sales. Yet, the implications go far beyond collector hype: if these notes fall into the wrong hands, counterfeit money operations could spike, affecting retail businesses, banks, and unsuspecting consumers across the region.
Could Fake Malaysia Ringgit Notes Enter Circulation?
While sellers attempt to reassure buyers that these are non-circulating “art” items, the lack of regulatory oversight and widespread availability have sparked genuine fears among the Malaysian public and neighbouring countries including Singapore.
This isn’t the first time Malaysia’s banknote designs have been mimicked. In 2023, decorative ang bao packets printed with RM100 designs labelled “sample” raised eyebrows. But this latest incident marks a disturbing escalation—where imitation currency is sold without any such disclaimer, and at mass scale.
Calls are now growing for cross-border e-commerce regulations to clamp down on such sellers, as well as for local authorities like Bank Negara Malaysia to issue public advisories on how to detect and avoid falling victim to counterfeit cash.
As consumers continue to shift towards online shopping platforms, these fake Malaysia ringgit notes are a reminder that cybercrime and financial fraud may not always come in the form of hacking—it could be as simple as the wrong person getting their hands on the wrong “collectible.”