LEGAZPI CITY, ALBAY (PIA) – With the common aim of bringing the government closer to the people, the Bangko Sentral ng Pilipinas South Luzon Regional Office (BSP SLRO) and Philippine Information Agency (PIA) – Albay teamed-up for the learning session on financial concerns and consumer safety and protection.
Top officials and staff of the Bangko Sentral ng Pilipinas South Luzon Regional Office (BSP SLRO), Philippine Information Agency -Albay and Provincial Government of Albay during the conduct of the first learning session of the four-day multi-sectoral Information Caravan in the province of Albay on July 18, 2023.
Over 40 media personnel and government information officers in the province joined the learning session on the Polymer Banknote, Fraud and Scams, and Financial Consumer Protection Act, on Tuesday, July 18.
In his message, BSP Legazpi Area Director Alvin L. Bermido calls on the public to be vigilant and equipped with the right information to protect their hard-earned money from scams and frauds.
Know your money
BSP Senior Research Specialist Jose Roberto Almeda Jr. discussed the various features of the Philippine currencies, noting its changes and enhancements to protect security, preserve integrity and promote inclusivity.
BSP Senior Research Specialist Jose Roberto Almeda Jr. discussed the conditions for mutilated banknotes to be redeemed or changed with new ones as part of the learning session for media personnel and government information officers in Albay.
Almeda said the BSP has the sole power and authority to issue currency within the Philippine territory. Counterfeiters are then subject to the penalty of imprisonment of at least 12 years and one day and a fine of not more than P2 million.
“The BSP encourages the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action,” he said.
Almeda also demonstrated the “feel, look and tilt” method to check and detect counterfeit banknotes.
Vigilance against scams and frauds
Bank Officer II Paulette Gay Menguilla reiterated BSP’s call for the public to be vigilant against scams and frauds.
Menguilla cited the prevalence of skimming in 2017 which prompted the replacement of old cards with EMV-embedded cards.
Be extra cautious: BSP Bank Officer II Paulette Gay Menguilla noted the need for the public to be extra careful and cautios in their financial transactions, especially when it involves the use of internet and the social media, to avoid scams and frauds.
Skimming happens when a device is illegally installed on ATMs to capture data and steal from the cardholder’s account.
“As protection against skimming, make sure that your ATM card is equipped with an EMV chip. With this, every transaction generates a unique code. Withdraw only in trusted, well-lighted ATM locations. If uncomfortable, postpone your transaction or find a more secure location,” Menguilla said.
“If transacting with merchants using a point-of-sale (POS) device, keep an eye on your card and the cashier. Likewise, regularly check your account balance and/or billing statements,” she added.
Menguilla further urged the participants to protect their personal data, keep their account information confidential and transact with registered institutions to avoid fraudulent financial transactions. (PIA5/Albay)
