The Bangko Sentral ng Pilipinas (BSP) is reminding the public to carefully inspect and closely examine cash dispensed by automated teller machines (ATMs).
The BSP said on Tuesday, Jan. 25, that Filipinos should know how to detect genuine banknotes from counterfeits.
“The BSP reminds the public to regularly inspect banknotes for authenticity through the ‘feel, look, tilt’ approach to protect oneself against counterfeiting,” the central bank said.
“Should a banknote dispensed by an ATM be suspected as a counterfeit, the holder is advised to immediately report it to the bank that owns the machine,” it advised the public.
The BSP said banks should then conduct a “thorough investigation” to verify if the suspected banknotes dispensed by ATMs are counterfeit or not.
“If the holder’s claim is verified, the bank should replace the banknote in question,” said the BSP.
The BSP has again assured the public that banks have adequate risk management measures to deter proliferation of fake money.
Banks have installed cameras at ATM areas while “cash handlers and service providers tasked to refill ATMs are trained to detect counterfeit banknotes or verify their genuineness before placing them in ATMs,” said the BSP.
Based on BSP Circular No. 829, issued in 2014, banks are required to submit suspicious banknotes to the BSP for further examination.
Under Republic Act No. 10951, apprehended banknotes or currency counterfeiters will be imprisoned for at least 12 years and one day, and they will pay a fine of not more than P2 million.
Last year, the BSP strengthened the security features of the 500-piso and 1,000-piso by adding a rolling bar effect on the value panels and color-shifting in the Optically Variable Ink to make the higher denominations more difficult to counterfeit. The enhanced money series also feature indigenous Filipino weaves on the windowed security thread of the 100-piso, 200-piso, 500-piso and 1,000-piso banknotes.
Both the enhanced New Generation Currency and the earlier version are both circulated but the earlier version does not have the new security features.
In the last 10 years, it has seized some P7.69 million worth of fake money. Majority of counterfeiters are members of crime syndicates.