The Bangko Sentral ng Pilipinas (BSP) on Tuesday reminded the public to regularly inspect the banknotes they receive for authenticity, even those dispensed by automated teller machines (ATMs).
In an advisory, the BSP told the public to apply the “feel, look, tilt” approach to protect themselves against counterfeiting.
The central bank earlier issued tips on how to differentiate counterfeit from authentic banknotes.
“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,” the BSP said.
“The bank will then conduct a thorough investigation to verify whether the banknote was indeed dispensed by the bank’s ATM,” it added.
The central bank said that if the holder’s claim is verified, the bank should replace the banknote in question.
Nonetheless, the BSP assured the public that banks employ adequate risk management measures to deter such incidents.
“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,” it said.
“Under BSP Circular No. 829, Series of 2014, banks are required to submit suspicious banknotes to the BSP for further examination,” it added.—AOL, GMA News