Bankers Assure Public vs Fake Money Following BSP’s Notice

Bankers Assure Public Measurement Against Fake Money at ATMs

Bankers Association of the Philippines (BAP) assured the public of their measurement against alleged fake money at automated teller machines (ATMs).

According to the BAP, banks withdraw money from the Bangko Sentral ng Pilipinas through automated teller machines (BSP). The BAP clarified this two days after the BSP issued a warning to the public about counterfeit money at ATMs.

Bankers Fake Money

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The BSP has issued a warning to the public to inspect money collected from ATM machines to ensure that it is not counterfeit. The BSP also encourages cardholders to report counterfeit money to the police as soon as possible.

The money they put in ATM machines, according to BAP, does not come from bank transactions. He also stated that they have qualified individuals and machines that monitor counterfeit money to ensure that it does not pass through and spread.

BAP explained that peso banknotes from the BSP Cash Management Department are delivered to ATMs on schedule, safely, and securely. When it comes to moving and loading money at ATMs, banks must rigorously adhere to BSP policy, according to BAP.

“While bills in ATMs do not come directly from a bank’s transactions of the day, banks have always maintained qualified personnel trained and equipped to identify counterfeit banknotes to prevent these fake banknotes from entering the banking system,” BAP clarified.

Governor Benjamin Diokno of the BSP emphasized that the announcement was in reaction to allegations on social media by netizens who reportedly withdrew counterfeit money from ATMs. According to Diokno, the country’s ATM system runs well and follows established risk management rules.

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