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BSP Reminds Filipinos to Regularly Check Paper Bills From ATMs

The Bangko Sentral ng Pilipinas (BSP) has reminded the Filipinos to regularly check the paper bills from ATMs.

The central bank reminded the public to always check the bank notes dispensed by automated teller machines (ATMs) from banks. The agency told the Filipinos to “feel, look, tilt” the paper bills after withdrawal.

BSP expressed its concern to Filipino people to protect the public against counterfeiting. The organization also gives several tips on how to spot authentic from fake banknotes.

Paper Bills

The Bangko Sentral advised the bank account holders to immediately report to the management if the cash dispensed by ATMs were suspected as fake. The bank will investigate if the bank notes were really dispensed by the ATM.

“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,” BSP said in a statement.

According to BSP, the bank should replace the counterfeit money if the bank account holder’s claim has been verified. The agency also said that banks are implementing stricter measures to prevent such incidents.

Paper Bills

“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,” BSP added.

The agency explained that banks should submit suspected fake paper bills to BSP for examination based on BSP Circular No. 829, Series of 2014.

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