BSP reminds the public to verify the authenticity of banknotes

The BSP has now issued an advise advising the public to check banknotes for authenticity on a regular basis using the “feel, look, tilt” method. This is to ensure that the general population is protected against counterfeiting.

Banknotes suspected of being counterfeit that an ATM dispenses should be reported promptly to the bank that owns the machine. The bank would then conduct an investigation to see if the banknote was actually issued by the bank’s ATM. If the holder’s allegation is substantiated, the bank should replace the banknote in question.

HOWEVER, the BSP assures the public that banks have adequate risk management systems to prevent such occurrences.

Cash handlers and service providers responsible with refilling ATMs are taught to detect counterfeit banknotes or verify their genuineness before inserting them in ATMs, in addition to installing cameras in ATM regions. Banks are obligated to send suspicious banknotes to the BSP for additional investigation under BSP Circular No. 829, Series of 2014.

Source: BSP

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