Forgery Unveiled: Revealing and Halting the Spread of Fake Currency - a Review

EasyChair Preprint 11030

Abstract

The main goal of this study is to examine an existing system for detecting counterfeit currency. Numerous methods have been employed to detect counterfeit currency, yet their performance often lacks consistency and accuracy. Research studies aimed at detecting counterfeit currency have used various techniques and algorithms, including edge detection, image segmentation, the Support Vector Machine (SVM), Structural Similarity Index Metric (SSIM), Fast Discrete Wavelet Transform (FDWT), Gray Level Co-occurrence Matrix (GLCM), Artificial Neural Network (ANN), Dual-Tree Complex Wavelet Transforms (DTCWT), and others. The ultimate goal is to combine the most effective features from numerous research papers to achieve the highest level of precision. The combination of these features does not, however, ensure maximum effectiveness. The development of the ideal detection system has previously been attempted but has yielded limited success. As a result, it is crucial to promote collaboration and invest extensive research to identify techniques that, when combined with different detection strategies, promise the highest accuracy in counterfeit money detection. In order to identify the most promising strategies that have the potential to influence the future of counterfeit currency detection, this paper conducts a detailed examination of several related studies. The search for more effective identification techniques continues to be crucial in an environment where counterfeiters innovate rapidly, and this study aims to offer insightful information in this ongoing effort.

Keyphrases: Authentic currency, Banknote verification, Counterfeit Currency, Counterfeit detection methods

@booklet{EasyChair:11030,
  author    = {Sagar Tete and Samiksha Bhende and Arati Vairagade and Rishita Moundekar and Chaitanya Petkar},
  title     = {Forgery Unveiled: Revealing and Halting the Spread of Fake Currency - a Review},
  howpublished = {EasyChair Preprint 11030},
  year      = {EasyChair, 2023}}