Cash payment mistakes can lead to financial losses

Financial and consumer protection experts have identified five common mistakes consumers make when using cash that can lead to direct financial losses.

First, failing to recognize counterfeit currency is a significant risk, particularly with 20 and 50 euro notes. Experts recommend the ‘feel, look, tilt’ method: feeling the cotton paper and relief print, checking for watermarks and security threads under light, and tilting the note to observe color-changing holographic elements.

Second, consumers often fail to verify change during busy periods at checkout. It is advised to count money immediately and compare it to the fiscal receipt. Third, mistaking similar-looking coins can lead to overpayment. Fourth, accepting heavily damaged banknotes can cause issues, as other merchants may refuse them. According to central bank rules, a banknote remains valid and exchangeable if more than 50 percent of its original surface area is intact.

Finally, carrying excessive amounts of cash is noted as a potential risk.