BSP explains how to identify fake money

One News PH

25 Nov 202203:31

Summary

TLDRAs 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.

Outlines

00:00

💵 Counterfeit Money Warning During Holidays

The video report by Shiloh Francisco warns the public about the risk of counterfeit money, especially during the holiday season. Retailers are gearing up for increased customer traffic and the potential rise in fake currency circulation. Adelina, a vendor, shares her experience of being a victim of counterfeit money, which has made her extra cautious. To combat this, some businesses, like a parcel company, have invested in money detectors using UV light to verify the authenticity of bills. The Bangko Sentral ng Pilipinas (BSP) advises the public to be vigilant against counterfeit money. Counterfeit bills can be identified by differences in watermarks, color, and lack of embossing. The BSP also suggests using the 'feel, observe, and tilt' method to check for security features like the label, signature, watermarks, security thread, serial number, and color-shifting ink. The public is encouraged to check bills carefully before accepting them, and any counterfeit money should be reported to the police. The consequences of creating counterfeit money include a prison sentence of at least 12 years and a maximum fine of 2 million pesos.

Mindmap

Keywords

💡Fake Bills

Fake bills refer to counterfeit currency that is made to resemble genuine bills but lacks legal tender status. In the context of the video, fake bills are a significant concern during the holiday season when there is an increased circulation of money. The script mentions that vendors have fallen victim to these counterfeits, emphasizing the need for vigilance.

💡Watermark

A watermark is a design or image embedded into a piece of paper that is visible when held up to light. It is a security feature used in banknotes to distinguish genuine currency from fake bills. The video script highlights that counterfeit bills often have a different watermark from the genuine bills, which is a key indicator of forgery.

💡UV Light

UV light, or ultraviolet light, is used in money detectors to verify the authenticity of currency. Under UV light, certain security features on genuine bills fluoresce, which helps in distinguishing them from fake bills. The script mentions that a vendor invested in a money detector with UV light to confirm the authenticity of bills.

💡Security Thread

A security thread is a thin strip embedded within the banknote that is visible when held up to light. It is designed to prevent counterfeiting. The script warns that counterfeiters may remove the security thread from fake bills and replace it, which is a sign of tampering.

💡Tactile Mark

Tactile marks are raised or textured areas on banknotes designed to assist visually impaired individuals in identifying denominations. The video script instructs viewers to feel for these marks, which are located at the side of the bill and indicate the denomination, as part of the process to verify the authenticity of currency.

💡Field of Tilt Method

The field of tilt method is a technique used to check the authenticity of banknotes by tilting them to observe color-shifting security features. The script advises the public to use this method to feel if the print, such as the label or signature, is rough to the touch, indicating a genuine bill.

💡Optically Variable Device (OVD)

An optically variable device is a security feature that changes color or appearance when the bill is tilted. It is designed to deter counterfeiting. The video script mentions that when you tilt the money, the color of the denomination on the side should change or shift, which is a feature of genuine bills.

💡Serial Number

The serial number on a banknote is a unique identifier that helps in tracking and verifying the authenticity of currency. The script points out that the serial number on genuine bills is asymmetrical, which is a detail that counterfeiters often overlook.

💡Security Fibers

Security fibers are thin, embedded fibers that are randomly distributed throughout the banknote paper. They are visible under high magnification and are part of the security features designed to deter counterfeiting. The video script advises viewers to check for these fibers on the front and back of the note.

💡BSP (Bangko Sentral ng Pilipinas)

The Bangko Sentral ng Pilipinas is the central bank of the Philippines responsible for issuing currency and maintaining its integrity. The script cites BSP's advice on how to identify fake bills and the importance of reporting counterfeit currency to the authorities.

💡Legal Consequences

Legal consequences refer to the penalties or punishments that result from engaging in illegal activities, such as creating or using counterfeit currency. The video script warns that persons caught making fake bills could face severe legal consequences, including a jail sentence and a substantial fine.

Highlights

Public warned against fake bills during the holiday season.

Retailers preparing for potential surge in counterfeit money.

Vendors share experiences of falling victim to fake bills.

Investment in money detectors with UV light to identify fake bills.

Counterfeit money often has a different watermark and color.

Security threads may be removed and replaced in fake bills.

BSP warns that money detectors may not be effective against new counterfeit techniques.

BSP advises public to use the 'feel and tilt' method to identify real bills.

Tactile marks on currency indicate denomination.

Watermarks and security threads are key features to check for authenticity.

Serial numbers on bills should be asymmetrical.

Security fibers should be randomly spread across the bill.

Color-shifting features in the denomination and security thread indicate genuine bills.

BSP advises public to always check bills before accepting them.

Counterfeit bills should be surrendered to authorities.

Producing fake bills can result in a jail sentence and hefty fines.

Report by Shiloh Francisco emphasizes the importance of vigilance against counterfeit money.