The Bangko Sentral ng Pilipinas (BSP) has just reminded the public to regularly inspect bills for authenticity to protect against counterfeiting. The monetary authority suggests looking at the “feel, look, and tilt” of the bills.
“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.” said in its statement
After reporting it, the bank should conduct an investigation to verify if the bill in question was dispensed by its ATM. If proven to be true, the bank should replace the banknote.
The authority also assured “that banks employ adequate risk management measures to deter such incidents.”
Among these measures include the installation of cameras. In addition, “cash handlers and service providers tasked to refill ATMs are trained to detect counterfeit banknotes or verify their genuineness before placing them in ATMs.”
Banks are required to submit suspicious banknotes to the BSP for further examination under BSP Circular No. 829, Series of 2014.