BSP urged the public to carefully inspect banknotes dispensed by ATMs.
BSP — The Bangko Sentral ng Pilipinas on Tuesday urged the public to carefully inspect banknotes dispensed by ATMs (automated teller machines).
BSP reminded Filipinos to regularly inspect banknotes they received for authenticity through the “feel, look, tilt” approach as a precautionary measure against counterfeiting.
According to the central bank, the holder was advised to immediately report it to the bank that owned the machine should a banknote dispensed by an automated teller machine be suspected as a counterfeit.
The central bank also said that the bank that owned the automated teller machine would conduct a thorough investigation in order to verify whether the banknote was indeed dispensed by the bank’s ATM.
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BSP also said that the bank should replace the banknote in question if the holder’s claim was verified.
“Under BSP Circular No. 829, Series of 2014, banks are required to submit suspicious banknotes to the BSP for further examination,” BSP said.
According to the central bank, all banks employed adequate risk management measures in order to prevent such incidents.
The central bank also said that aside from the installation of cameras at ATM areas, service providers and cash handlers tasked to refill ATMs were trained to detect counterfeit banknotes or to verify their genuineness before placing them in automated teller machines.
Under Republic Act 10951, counterfeiters of Philippine currency were subject to the penalty of at least 12 years in prison and a fine not exceeding PHP 2 million.
Last year, the central bank strengthened the security features of the 500-piso and 1,000-piso banknotes by adding a rolling bar effect on the value panels and color-shifting in the Optically Variable Ink in order to make the higher denominations more difficult to counterfeit.
Also, the enhanced money series featured indigenous Filipino weaves on the windowed security thread of the 100-piso, 200-piso, 500-piso and 1,000-piso bills.
Both the enhanced New Generation Currency (NGC) and the earlier version were circulated but the earlier version didn’t have the new security features.
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