How can you tell fake notes in the Philippines?
“One easy way to determine if banknotes are genuine and not altered is by checking the watermark by viewing the banknote against the light from either side. The watermark in the blank space should be the same image as the portrait on the banknote and denominational value,” the BSP said.
How do you identify a counterfeit money?
8 Ways to Spot Counterfeit Money
- Color-shifting Ink.
- Watermark.
- Blurry Borders, Printing, or Text.
- Raised Printing.
- Security Thread with Microprinting.
- Ultraviolet Glow.
- Red and Blue Threads.
- Serial Numbers.
What should I do if I receive fake money in the Philippines?
What to do if you have received fake money: Do not return to the owner/depositor; Give/Issue temporary receipts to the owner/depositor; Let him sign; if not, give the reason; After five (5) days, send the money to the Central Bank through the nearest bank in your place; and Refrain from writing the word “FAKE” in the …
Who are in charge of investigating falsified bank notes in the Philippines?
7653, as amended, the BSP “shall have the authority to investigate, make arrests, conduct searches and seizures in accordance with law, for the purpose of maintaining the integrity of the currency.” As part of the said mandate to protect the integrity of the currency, the BSP engages in law enforcement operations to …
What are the different security features of the Philippine banknotes?
In 2001, the BSP upgraded the security features (visible fibers, value panel, security thread and watermark) of 1000, 500, and 100-peso banknotes with additional security features like a second glossy security thread, iridescent strip, fluorescent printing, optically variable ink, and microprints.
Where can I report fake money in the Philippines?
“Thus, the public is encouraged to report any untoward incident to their respective banks or the BSP, for appropriate action,” it said. The BSP also disclosed that it has requested lawmakers to enact the “Financial Products and Services Protection Act or the Financial Consumer Protection Act.”
What if I received fake money?
Contact your local police department or United States Secret Service field office. These numbers can be found on the inside front page of your local telephone directory. Write your initials and the date in the white border areas of the suspect note. Limit the handling of the note.
What will be the corresponding penalty for those who counterfeit money in the Philippines?
He who shall make counterfeit money, of the value of the genuine, by imitating money that is lawfully current in the Kingdom, shall be punished with the penalties of presidio correccional in its medium and maximum degrees and a fine of from 625 to 6,250 pesetas.
Can banks detect counterfeit money?
Banks have strict security measures in place to detect fake money. First, they can spot it at the time of deposit and confiscate it so that it does not circulate among the public. Bank employees are trained to identify fake money through different security features of the bills.
How will BSP prevent the spread of counterfeit or fake money?
The BSP has upgraded the security features in all of our new generation banknotes to make it easier for the public to protect themselves from receiving fake money. The BSP will continue to mount a nationwide information campaign to educate our people on how to tell genuine banknotes from counterfeits. 3.
What do you know about Philippine new generation currency banknotes?
The New Generation Currency (NGC) Banknote Series now in circulation was first issued in December 2010. The BSP launched in 2020 enhanced Philippine banknotes that are more responsive to the needs of the elderly and the visually impaired, and feature the latest anti-counterfeiting technology.
What should I do if I suspect counterfeit money?
Contact your local police department or call your local U.S. Secret Service Office. Write your initials and date in the white border area of the suspected counterfeit note. Do not handle the counterfeit note. Place it inside a protective cover such as a plastic bag or envelope to protect it.
Can banks tell if money is counterfeit?
Banks detect the counterfeit, confiscate it, charge the amount to the retailer’s account and call the Secret Service. Johnson, the American Bankers Association executive, said instances of counterfeit money coming from banks are so rare that banks don’t keep track of how many times it happens.
How many people have been arrested in the Philippines for counterfeiting?
A woman counts Philippine peso bills. Enforcement operations resulted in the arrest of 16 people, 14 of whom are suspected members of counterfeiting syndicates, the regulator told local media. Image Credit: Reuters.
Are ATMs in the Philippines dispensing counterfeit peso notes?
Manila: The country’s central bank has urged bank customers to carefully inspect money dispensed by automated teller machines (ATMs) as reports of counterfeit Philippine peso notes from the cash machines emerged.
What should you do if you receive a counterfeit banknote?
“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,” the BSP said.
What is the punishment for fake money in the Philippines?
If not in connivance with forgers, circulation or use of fake money is punishable with a penalty of prison mayor or 6 years and 1 day to 12 years of imprisonment under Article 168 of the same code. And section 50 of Republic Act 7653, BSP shall have the sole power and authority to Issue currency within the Philippine territory.