Question 1

What is the "Currency Exchange Counterfeit" scam in Istanbul?

Accepted Answer

Unofficial money changers on Istiklal Avenue or in the Grand Bazaar offer very favorable exchange rates, but include counterfeit notes in the bundle. By the time the fake notes are discovered, it is impossible to return to the changer. Exchange money only at official bank branches or licensed exchange offices (döviz bürosu) with posted rates. Count all notes immediately at the counter. Banks and ATMs offer the best rates without fraud risk.

Question 2

What is the "Fake Gold and Jewellery Swap" scam in Istanbul?

Accepted Answer

In the Grand Bazaar and surrounding streets, sellers present gold jewellery or gemstone pieces as high-karat authentic items. At the moment of purchase, the item is swapped for a lower-quality or plated substitute using sleight of hand — a technique well-documented by TripAdvisor reviewers and confirmed in a 2024 PBS-covered police raid on the Bazaar. A 2024 raid on the Grand Bazaar seized jewels and antiques worth $30 million. Only buy jewellery from licensed shops displaying the official hallmark certification. Inspect the item after wrapping and before leaving the shop — ask to unwrap and confirm the item matches what you examined. Genuine gold in Turkey must be stamped with a hallmark (14k = 585, 18k = 750, 22k = 916). Test with a magnet: gold is non-magnetic.

Money & ATM Scams in Istanbul

Currency Exchange Counterfeit

Fake Gold and Jewellery Swap

Experienced a scam here?