After backlash, Diokno assures robust measures in place vs fake money
Money

After backlash, Diokno assures robust measures in place vs fake money

Amid public uproar, the Bangko Sentral ng Pilipinas (BSP) assured that robust measures are in place against counterfeit banknotes, including those dispensed by automated teller machines (ATMs) of banks.

BSP Governor Benjamin Diokno issued the assurance after urging the public to always be on the lookout for fake money.

Diokno clarified that the country’s ATM system performs soundly under recognized risk management guidelines and that the BSP’s comprehensive approach to safeguarding the Philippine currency includes well-defined mechanisms for reporting doubtful currencies, for examination by the BSP.

Following the BSP’s warning, Sen. Grace Poe emphasized that depositors should not shoulder the responsibility of recognizing fake banknotes from ATMs.

In a social media post, Gadget Addict said the BSP should clarify the situation and explain what prompted them to issue the warning.

“If the bank personnel who load the ATMs and the machine itself cannot recognize if the bill is fake, how will an ordinary person know,” Gadget Addict said.

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To pacify the public , Diokno said the BSP would hold the banks accountable should they fail to observe measures to protect their clients.

“ATM services are part of core banking functions, and banks are bound by law to exercise the highest degree of diligence in protecting their clients’ interest,” the BSP chief said.

Diokno said the banks have a responsibility to guarantee that banknotes coming from their ATMs are genuine and consistent with the BSP’s Financial Consumer Protection Framework.

 

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