Detecting Counterfeit Euros with Multivariate Classification Methods
Eric McKinney · Digital Commons - USU (Utah State University) · 2018
With about 13 billion Euro banknotes in circulation among roughly 340 million people in 19 European countries, counterfeit Euros are unfortunately a growing problem. About 19.9 million Euro banknotes were removed from circulation in 2009. Furthermore, detection of fake banknotes can be surprisingly difficult and costly, regardless of the measures taken to prevent accurate counterfeiting. The data used in this project was collected by Dr. Volker Lohweg and his colleagues at Ostwestfalen-Lippe University of Applied Sciences in Lemgo, Germany in an attempt to use smartphone cameras to detect fake Euro banknotes. Multiple modern classification methods are fit to the data producing high correct-classification rates—confirming the potential of smartphone camera use in the detection of imposter banknotes.