Bangko Sentral ng Pilipinas (BSP) warned Filipinos to carefully check all the bills they withdraw from ATM machines. Because there have been instances that were reported that there are fake bills released from ATMs. So as a precautionary measure, they urged every Filipino to inspect all the bills they get from machines. You can check it by feeling, tilting, and looking at it to make sure it’s authentic.
If in case a machine releases a suspected fake banknote, the person who withdraws should report it to the bank that owns the machine right away. So they can check and conduct an investigation as soon as possible if the banknote was from the bank’s ATM.
It is very important for everyone to carefully check the money they get from ATM machines. So the management can provide a solution right away. If in case the banknote was really fake, the bank will verify the card’s holder. Once verified, they will replace the banknote right away.
“All banks are doing all the risk management measures to prevent these things from happening. 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” as per BSP.
If they catch anyone counterfeiting the Philippine currency, they will pay a fine not exceeding 2 million and at least 12 years imprisonment under the Under Republic Act 10951.
According to BSP, they have seized more than 500 fake banknotes approximately Php 480,000 last year from January to September. They obtain it from seven enforcement operations where they have arrested 16 suspects. Some of them are a member of syndicates.
If in case you this problem, don’t hesitate to report it right away so they can take the appropriate action as soon as possible.