The Bangko Sentral ng Pilipinas (BSP) revealed that they have received reports of fake banknotes dispensed by automated teller machines (ATMs).
The BSP is thus reminding the public to scrutinize the authenticity of the banknotes they get from ATMs.
Counterfeit banknotes can be detected through the “feel, look, tilt”, the central bank said.
“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,” it advised the public.
Banks should then conduct a “thorough investigation” to determine if the cash was dispensed by their ATMs.
“If the holder’s claim is verified, the bank should replace the banknote in question,” said the BSP.
The BSP has seized some P7.69 million worth of counterfeit money in the last 10 years.
From January to September 2021 alone, it confiscated more than 500 fake banknotes with a notional value of P480,000.
