Bangko Sentral asks Pinoys to be vigilant against fake peso bills

The Bangko Sentral ng Pilipinas (BSP) is asking consumers to be vigilant against counterfeit money this holiday season.

In an advisory, the central bank said fraudsters are now extracting the windowed security thread (WST) from genuine banknotes and transferring it onto counterfeit money, particularly the P500 and P1,000 bills. The WST is vertical broken band that appear like thick silver stitches on banknotes.

"This is done by pasting the extracted genuine WST on counterfeit P500 and P1,000 banknotes," the central bank said.

The missing security thread on genuine bills is then simulated by using a ballpen filled with semi-gloss ink. Another trick fraudsters is covering the space with commercially available glossy or metallic paper. 

These are just a couple of the practices employed by fraudsters as observed by the BSP in recent months.

Genuine banknotes with fake security thread automatically lose their value and are considered fake as well, the BSP said.

"In view of this, the public is advised to be extra vigilant to the new trick / modus operandi of counterfeiters," it added.

The BSP advised consumers who may come across this type of counterfeit banknote to surrender it before the Currency Issue and Integrity Office at the Cash Department of the central bank along East Avenue in Diliman, Quezon City.

Consumers may also surrender the counterfeit banknotes to the nearest BSP branch or regional office. – Jon Viktor Cabuenas /VS, GMA News