Bankers: Fake bills likely to spread during holidays

CEBU, Philippines - Christmas season is here. It’s the time of the year when spending becomes a hit and, unfortunately, proliferation of fake money also rises.

According to the Cebu Bankers Club (CBC), the public should be more vigilant against fake bills circulating during the holiday season.

“When it’s Christmas season, there’s so much money in circulation because people usually receive their bonuses. The more money in circulation the bigger the chance for the circulation of fake money to succeed,” CBC President Maximo Eleccion told The FREEMAN in an interview yesterday.

So far, he said, no incidents on fake money circulating in Cebu have been reported this time.

Eleccion said the small-scale vendors are usually the ones easily victimized by fake money because they mostly do not know how to detect fake bills.

The bank official advised these vendors to only transact with small bills rather than big ones, which are usually forged, to avoid from being victimized.

Eleccion explained that as much as possible, the public should check the security features of the money to verify if it’s genuine. He said genuine bills are rough.

The CBC official added that unlike ordinary traders, cashiers and bank tellers are trained how to spot counterfeit money.

ATM cash supply

Moreover, Eleccion, who works at the Bank of the Philippine Islands, also assured the public that automated teller machines (ATMs) will have ample supply of cash as ATM withdrawals usually surge during the purchasing season ahead of Christmas.

“Our ATMs are always loaded,” he said, adding that refilling of money in ATMs during Christmas is frequently done because of high demand. He shared that during the peak season, refilling of money is usually done daily, although it depends on an ATM’s location.

Spending wisely

Eleccion further advised consumers to spend wisely this holiday. Aside from spending, people receiving their bonuses should also set aside money for their savings or investments.

“Spend only on what you need. Do not borrow just to have something to spend. Have a credit-free Christmas as much as possible,” he said. (FREEMAN)