On to some bizarre and extremely alarming news, the Bangko Sentral ng Pilipinas (BSP) has warned the public of fake bills coming out of ATMs.
The BSP is urging the people to carefully check and inspect the bills coming from ATMs. The central bank reminds Filipinos to use the “feel, look, tilt” method as a precautionary measure to check if the bills dispensed from the ATM itself are counterfeit.
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As per the BSP, if you think the banknote dispensed by an ATM is fake, you should immediately report it to the bank that owns the machine.
The bank will then conduct a thorough investigation to check if the banknote indeed came from their ATM. Once verified, the BSP will replace the bill in subject.
BSP assured the people that banks utilize adequate risk management measures to prevent incidents like this.
“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,” the central bank said.
Counterfeiters of the Philippine currency may face at least 12 years of imprisonment and a fine not exceeding Php2 million under the Republic Act 10951.