Using two desorption/ionization techniques (DESI and EASI) and Brazilian real, US$ dollar, and euro bills as proof-of-principle techniques and samples, direct analysis by ambient mass spectrometry is shown to function as an instantaneous, reproducible, and non-destructive method for chemical analysis of banknotes. Characteristic chemical profiles were observed for the authentic bills and for the counterfeit bills made using different printing processes (inkjet, laserjet, phaser and off-set printers). Detection of real-world counterfeit bills and identification of the counterfeiting method has also been demonstrated. Chemically selective 2D imaging of banknotes has also been used to confirm counterfeiting. The nature of some key diagnostic ions has also been investigated via high accuracy FTMS measurements. The general applicability of ambient MS analysis for anti-counterfeiting strategies particularly via the use of "invisible ink" markers is discussed.