BSP explains how to identify fake money

Summary

As the holiday season approaches, retailers and the public are warned about a potential surge in counterfeit money. Vendors are advised to be cautious, using money detectors and UV light to verify bills' authenticity. The Bangko Sentral ng Pilipinas (BSP) offers tips to identify fake currency, such as checking watermarks, security threads, and color-shifting features. Counterfeiters face severe penalties, including imprisonment and hefty fines.

Takeaways

• 🔍 Retailers are preparing for an increase in fake money circulation during the holiday season.
• 💸 A vendor named Adelina has been a victim of counterfeit money and now takes extra precautions.
• 🛡️ A parcel company invested in a money detector with UV light to verify the authenticity of bills.
• ⚠️ The public is advised to be cautious when handling money during the holiday rush to avoid counterfeit bills.
• 🌐 Counterfeit bills often have different watermarks, colors, and lack embossed prints compared to genuine ones.
• 👀 The BSP suggests that money detectors may not be effective against the latest counterfeit techniques.
• 📈 Newer security features, such as the 'feel and tilt' method, are recommended to identify genuine currency.
• 👁️ Look for tactile marks on the side of the bill to indicate denomination and ensure watermarks and security threads are present and correct.
• 🔢 Check the serial number for asymmetry and security fibers on the front and back of the note.
• 🌈 When held to the light, the color of the denomination should change or shift on genuine bills.
• 🚨 Turning in counterfeit money to the police is encouraged, and creating fake bills can result in severe penalties.

Q & A

What is the main concern of retailers during the holiday season according to the transcript?

The main concern of retailers during the holiday season is the possible surge in fake money circulation.

What has Adelina, the vendor, experienced that made her extra careful with money?

Adelina has fallen victim to fake bills a couple of times, which is why she is now extra careful in receiving money.

What investment did the parcel company make to detect fake money?

The parcel company invested in a money detector with the help of UV light to easily confirm if a bill is real or fake.

What is the BSP's advice to the public regarding counterfeit money during the holiday season?

The BSP advises the public to take extra caution against the circulation of counterfeit money, especially during the holiday season.

What are some of the differences between real and counterfeit bills as mentioned in the transcript?

Counterfeit bills may have a different watermark, color, and lack embossing. Some also have security threads removed and replaced.

Why might a money detector not be effective in identifying real bills from fake ones according to the BSP?

A money detector might not be effective because the security features of foreign currencies may have improved, making it harder to distinguish real bills from fake ones.

What method does the BSP recommend to identify fake bills?

The BSP recommends using the 'feel and tilt' method to identify fake bills by checking for tactile marks, watermarks, security threads, and color-shifting features.

What should one look for in the watermark of a bill to determine its authenticity?

One should look for watermarks of the denomination and faces featured on the bill that should be identical when observed under UV light.

How many lights should the security thread on the currency have, and what should it look like from the back?

The security thread should have three or five lights depending on the currency, and when viewed from the back, there should only be one straight line.

What should the serial number on a bill look like to be considered authentic?

The serial number on an authentic bill should be asymmetrical.

What happens to counterfeit bills when they are found, and what is the penalty for making fake bills?

Counterfeit bills should be surrendered to the nearest police station or bank. Persons caught making fake bills could face a jail sentence of at least 12 years and a maximum fine of 2 million pesos.