BSP warns against fake bills from ATMs

BSP warns against fake bills from ATMs

By Glen S. Ramos

MANIA — The Bangko Sentral ng Pilipinas (BSP) cautioned the public to inspect banknotes received from automated teller machines (ATMs) to ensure that they are not fake.

The BSP said that there are counterfeit money circulating around and everyone must be aware and knows how to spot a fake bill from that of a real one.

“It is advisable to use the “feel, look, and tilt” approach,” BSP added in their statement released on Monday, January 24, 2022.

FEEL

-Security Paper

-Embossed Prints

-Tactile Marks

LOOK

-Watermark

-Security Fiber

-Asymmetric Serial Number

-See-through Mark

TILT

-Security Thread

-Concealed Value

-Optically Variable Ink (1000-Piso and 500-Piso)

-Optical Variable Device Patch

-Enhanced Value Panel (1000-Piso and 500-Piso)

According to BSP, each denomination comes with unique features and technology to ascertain the authenticity and deter counterfeiters.

“If a suspected counterfeit is dispensed by an ATM, consumers are advised to report it to the bank that owns the machine to investigate the note’s authenticity. If the holder’s claim is proven, the bank should replace the banknote in question,” the BSP emphasized.

Banks who received suspicious banknotes are required to submit them to BSP for further examination as stated under BSP Circular No. 829, Series of 2014. (ai/mtvn)

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