Financial institutions in Bosnia and Herzegovina have adopted and implemented various security measures in preventing production of counterfeited banknotes as well as security measures in detecting counterfeited banknotes. Despite that, there are still many cases of money counterfeiting being reported in this specific country. This happen due to various reasons for instance not thorough attention given to the appearance of the banknote during money transactions. Based on 2017 and 2018 annual report by the Central Bank of Bosnia and Herzegovina, there were 691 and 535 registered cases of banknotes counterfeiting for the convertible mark (KM). The most denomination’s banknotes as counterfeited were 100 KM followed by 20 KM and 50 KM. Hence this study proposed deep learning technique in detecting the counterfeited BAM banknotes utilizing CNN models. Initially results showed that the proposed method could be used for counterfeit money detection with 99.88% using VGG16 as the highest accuracy. © 2020, World Academy of Research in Science and Engineering. All rights reserved.

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