Vulnerability to Counterfeit Currency Fraud in Bulgaria: Public Competency Assessment in Identifying Genuine Lev Banknotes Before the Euro Cash Changeover

This article examines vulnerability to counterfeit currency fraud in Bulgaria by assessing citizens’ competence in recognizing genuine banknotes of the national currency (BGN) prior to the introduction of euro banknotes in 2026. Counterfeit banknotes represent a form of economic crime in which individual victims’ losses are closely tied to their ability to authenticate cash in everyday transactions. Drawing on level-1 security features and guidelines of the Bulgarian National Bank, we developed a structured questionnaire to operationalize knowledge of key authenticity checks (hologram, intaglio printing, watermark, security thread, see-through register). The survey was administered online and on paper over a 20-day period (22 August–11 September 2025) and completed by 371 respondents from across the country. Using descriptive statistics tools, we identify three distinct groups: (i) highly competent respondents who reliably distinguish genuine from counterfeit banknotes; (ii) individuals with high self-reported confidence but inconsistent performance; and (iii) a particularly vulnerable group with low knowledge of security features, limited awareness of official guidance and low self-confidence. Vulnerability is significantly associated with lower education, residence in smaller settlements, lack of prior exposure to counterfeit banknotes and absence of contact with institutional information campaigns. The findings have direct implications for crime prevention and criminal justice policy: they provide an evidence base for targeted public awareness initiatives and risk-based allocation of resources aimed at protecting high-risk groups from currency-related fraud in the context of the monetary transition.