WHILE scams and crimes have increasingly gone digital due to the pandemic, the Bangko Sentral ng Pilipinas (BSP) reminded the public that traditional fraudsters are still on the loose.
In a statement on Thursday, the BSP urged the public to regularly and carefully check the features of their Philippine banknotes to ensure their authenticity as the monetary authority is currently verifying reports circulating in messaging apps and social media platforms on the existence of alleged counterfeit 1000-Piso banknotes.
“The BSP encourages the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action,” the BSP said in its statement.
From January to June, the BSP led five successful law enforcement operations that resulted in the arrest of 14 individuals and the filing of nine separate criminal charges. The BSP also regularly conducts public information campaigns to educate the public on the design, security features, and proper handling of Philippine currency as well as relevant laws, policies, and programs.
Under Republic Act 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and 1 day and a fine not exceeding two million pesos. The BSP earlier enhanced the current New Generation Currency (NGC) banknotes to incorporate the latest anti-counterfeiting technology and improve the visual and tactile differentiation of each denomination.
To ascertain the genuineness of the NGC banknotes, the BSP advised the public to use the “Feel-Look-Tilt” method to check the security features.
This includes “feeling” for embossed prints and tactile marks on the security paper, “looking” for verifying watermarks, security fibers and asymmetrical serial numbers, and “tilting” to verify variable inks used on the banknote.