THE Bangko Sentral ng Pilipinas (BSP) issued last Tuesday a public advisory that urges consumers to regularly inspect banknotes for authenticity to protect against counterfeiting.
In its statement, the BSP said the public must use the “feel, look, tilt” approach in determining the bill’s integrity.
The BSP also said should a banknote dispensed by an automated teller machine (ATM) be suspected as a counterfeit, the holder is advised to immediately report it to the bank that owns the machine.
The bank is then required to conduct an investigation to verify whether the banknote was indeed dispensed by the bank’s ATM.
If the holder’s claim is verified, the bank should replace the banknote in question.
The BSP also said it assures the public that banks employ adequate risk management measures to deter such incidents.
“Aside from the installation of cameras at ATM areas, cash handlers and service providers tasked to refill ATMs are trained to detect counterfeit banknotes or verify their genuineness before placing them in ATMs,” the BSP said.
Under BSP Circular 829 (Series of 2014) banks are required to submit suspicious banknotes to the BSP for further examination.