BSP reminds public to check authenticity of banknotes received from ATMs

The BSP has just posted an advisory reminding the public to regularly inspect banknotes for authenticity through the “feel, look, tilt” approach. This is in order for the public to protect themselves from counterfeiting.

Banknotes that are dispensed by an ATM that are suspected to be counterfeit should be immediately reported to the bank that owns the machine. The bank would then conduct an investigation to verify whether the banknote was indeed dispensed by the bank’s ATM. if the holder’s claim is verified, the bank should replace the banknote in question.

The BSP though assures the public that banks have 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. Under BSP Circular No. 829, Series of 2014, banks are required to submit suspicious banknotes to the BSP for further examination.

Source: BSP