Beware of fake US dollars, BSP warns

MANILA, Philippines — With the arrest of a man who sold P12 billion worth of counterfeit US dollars and other foreign currencies on Friday, the Bangko Sentral ng Pilipinas (BSP) warned the public of the proliferation of the fake bills, saying these could get through the system if people are not careful.

Renee Mark Fajardo, senior investigation officer of the BSP payments and currency investigation group, said the $100 counterfeits stood out among the fake instruments seized.

“The public should be careful because these $100 counterfeits are of high-quality,” Fajardo said during a briefing.

“They will get through the system if we are not wary,” he added.

Fajardo urged the public to carefully assess the genuineness of a banknote by using the “feel, look and tilt” procedure.

“For the US dollars, cotton linen materials are used. When you touch them, they’re rough, which is unlike ordinary bond papers that are smooth,” he noted.

The National Bureau of Investigation is conducting a deeper probe on the proliferation of counterfeit dollars to determine if a syndicate is behind the scheme, said NBI Director Melvin Matibag.

Earlier, the NBI arrested Steve Reyes for selling counterfeit monetary instruments valued at P12 billion or approximately $200 million in US dollars, Malaysian ringgits and US treasury bonds.

Jonathan George Atienza, NBI criminal investigation division acting chief, said Reyes sold each $100 note for P2,500, or half the price of its actual worth.

“They usually sell fake currencies to gambling foreigners playing in small-time casinos. But these counterfeits cannot be used in larger casinos, which have stricter protocols,” Atienza said.

Reyes will be charged with violation of Article 168 of the Revised Penal Code, prohibiting the illegal possession and use of false treasury or bank notes.

Avoid online scams

Meanwhile, the Philippine National Police urged the public to stay vigilant against online scams and fraudulent schemes, as the PNP noted that the Holy Week and summer breaks usually attract cybercriminals to exploit people.

PNP chief Gen. Jose Melencio Nartatez Jr said online scammers are more active during holiday seasons, offering people with vacation scams, fake rental listings, phishing messages and other online frauds.

Nartatez urged travelers to
“always double check the legitimacy of travel deals and avoid sending money to unverified sellers.”

He said people should rely on official websites when seeking travel packages and use secure networks when making online transactions. — Emmanuel Tupas