The Bangko Sentral ng Pilipinas on Monday reminded the public to regularly inspect banknotes from ATMs for authenticity to protect themselves against fake money.
Each denomination comes with unique features and technology to help Filipinos ascertain authenticity and deter counterfeiters. Through the “feel, look, tilt” approach, holders can check for security prints. Here's what to look for.
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If a suspected counterfeit is dispensed by an ATM, holders are advised to report it to the bank that owns the machine to invesigate the note's genuineness.
"If the holder’s claim is verified, the bank should replace the banknote in question," the BSP said.
To combat the proliferation of fakes, banks install cameras at ATM areas and trained cash handlers or service providers are tasked with verifying the banknotes' authenticity before being loaded into the machine, the BSP added.
Under BSP Circular No. 829, Series of 2014, banks are required to submit suspicious banknotes to the BSP for further examination.