, Philippines

Philippines' central bank warns public of fake banknotes from ATMs

The public is urged to examine banknotes carefully after using a machine.

The Bangko Sentral ng Pilipinas (BSP) is urging the public to carefully inspect banknotes from automated teller machines (ATMs) through the “feel, look, tilt” approach to protect themselves against counterfeit bills.

Should any bills seem suspicious, BSP advised the public to the bank that owns the machine. The bank will then conduct a thorough investigation to verify whether the banknotes were indeed dispensed by the bank’s ATM. If the claim is verified, the bank should replace the bill in question.

Meanwhile, the central bank assured the public that banks employ adequate risk management measures to deter such incidents.

The BSP likewise assures the public that banks employ adequate risk management measures to deter such incidents.

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