A new type of fraud involving damaged 100-dollar bills has emerged in currency exchange markets, prompting warnings to the public. Officials say scammers are using increasingly clever methods that are difficult to detect without close inspection.
The issue has grown in dollar trading markets, where some individuals exploit old or damaged banknotes. They buy torn or worn-out 100-dollar bills at a low price and then attempt to restore them before reselling them as valid currency.
According to reports, scammers repair damaged notes by cutting and attaching parts from other bills, including small pieces of Iraqi dinar. They carefully reconstruct the notes, so they appear complete and undamaged. This makes it difficult for ordinary buyers to notice the manipulation during quick transactions.
Uncovered details about how the scheme works. It has been reported that some fraudsters specifically target old 100-dollar bills, especially those with visible damage or cuts.
They purchase these bills at discounted prices in the market. After that, they use precision cutting and reassembly techniques to rebuild them. Once restored, they pass them off as clean, high-value currency and sell them at full price.
A spokesperson from the Erbil dollar market, Kayfi Khoshnaw, confirmed the rise in such scams. He said fraudsters act very carefully, and the deception is hard to detect unless a person examines the notes closely.
He warned that people with limited experience in currency exchange are the most vulnerable. “They are very smart in how they do it. If you are not careful, you will not notice the difference,” he said.
Market observers say the scam has become more common, especially among traders who deal with old banknotes. Some buyers purchase damaged dollars cheaply, fix them, and then resell them as new and valid currency for profit.
Authorities are urging citizens to carefully check banknotes during exchange transactions and to avoid dealing with unfamiliar or untrusted sellers.
