Identification of Counterfeit Indian Currency Note using Image Processing and Machine Learning Classifiers

Technology is continuously changing our life. Day by day, it makes our life easy, but some challenges and issues exist. Counterfeit currency is one of them. It happens because of the production and circulation of currency without the permission of an authorized system. Some people use scanning and printing technology to produce such notes and circulate them around us, which is a kind of forgery.It leads to personal loss and degrades the Country's economy. Such notes are very similar to the original, which becomes a problem for ordinary people to identify the authenticity of the currency, especially for visually impaired people. However, most researchers proposed different methods to differentiate real notes from fake ones based on the currency's shape, colors, and size. The notes are easily detected when the condition of the note is good but difficult when it deteriorates over time. Extracting features from such notes is another challenging task. Some systems are available to only specific sectors and not easily available to common people. Therefore, a system that can distinguish between real and fake notes is required. This article classifies Indian Currency notes as real or fake with four supervised Machine Learning algorithms i.e., Support Vector Classifier, K-Nearest Neighbor, Decision Tree, and Logistic Regression followed by Image Processing techniques. This study has implemented these algorithms on the dataset of 1372 currency image samples, out of which 762 are real, and the remaining are fake, available on the UCI machine learning repository. Further, the performance of all the algorithms is measured in terms of accuracy, recall, Precision, and F1-score and after analyzing, it is observed that the K-Nearest Neighbor leverage outstanding results compared to other algorithms.