In 2007 nearly 300,000 counterfeit notes with a face value of £6m were taken out of circulation. Year on year the number of counterfeit notes is falling and this is due to the Bank's programme of education.

A key aspect of this is the 'Know your Banknotes' e-learning programme which explains to retail staff how to identify genuine Bank of England issue notes and their security features. Learners have to complete a ten minute online assessment and answer all mandatory questions correctly to achieve competence.

Leaflets and a video are also distributed amongst retail staff as part of this blended solution design.

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