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Australians are being warned to keep an eye out for counterfeit money circulating around the country, after a number of fake banknotes were handed in to police. As a result police are urging the community to be vigilant of counterfeit money being distributed. Australians are being warned to keep an eye out for counterfeit money after a number of fake banknotes were handed in to police. It was reported that counterfeit notes, particularly $100 notes, were circulating in the Bundaberg area. Late last year, a Sydney business reported being handed counterfeit money by a student who asked him to swap four counterfeit $50 notes for two legitimate $100 notes.