Poe: Burden of identifying fake bills should not be on public

Senator Grace Poe on Thursday said the burden of identifying fake bills dispensed by automated teller machines (ATMs) should not be on the shoulders of the public.

Poe, chairperson of the Senate banks, financial institutions, and currencies, made the statement after the Bangko Sentral ng Pilipinas (BSP) reminded the public to inspect the banknotes they receive for authenticity, even those dispensed by ATMs.

Poe tagged the latest advisory from the BSP on the fake bills from ATMs as “disquieting,” adding that it opens questions on how bogus money can make its way into the banks’ machines.

“The burden of distinguishing counterfeit bills emanating from banks from genuine ones should not be placed on depositors. ATMs dispensing fake bills is unacceptable and must have no place in the banking system,” she said.

The senator pointed out that banks should always ensure state-of the art defenses against security breaches.

“It is our financial institutions that carry the responsibility to steadfastly guard against vulnerabilities and keenly upgrade their systems amidst the changing times to keep our people's unflinching trust in the banking industry,” she said.

The central bank earlier issued tips on how to differentiate counterfeit from authentic banknotes.

Nonetheless, the BSP assured the public that banks employ adequate risk management measures to deter such incidents.—AOL, GMA News