The Central Bank of the Philippines, also known as Bangko Sentral ng Pilipinas, warned the public on January 23, 2020, against fake designs of banknotes circulating on social media, specifically on a Facebook account with the user name “Bangko Sentral ng Pilipinas” that is not officially associated with the bank. The bank noted that the images and information on Philippine currency posted in the account are false as they are clearly inconsistent with the features of genuine Philippine banknotes.
The warning was issued after the bank discovered that the fake account was posting false information about Philippine currency. The bank has already reported the fake account to Facebook and requested to have it taken down.
According to the bank, “Moreover, images and information on Philippine currency posted in the account are false as they are clearly inconsistent with the features of genuine Philippine banknotes.” The issue of fake social media accounts is not new to the Bangko Sentral ng Pilipinas.
On January 10, 2020, the bank warned Filipino social media users against a fake Instagram account that bears its logo and uses the name “bangko_sentral_lottery.” The account was later confirmed as a scam, and the public was urged not to share any information or transact through the unauthorized account. The bank advised the public to follow only its existing and verified social media accounts for real updates and announcements.
As noted by the bank, the legit links are https://www.facebook.com/BangkoSentralngPilipinas/ for Facebook, https://www.instagram.com/bangkosentral/ for Instagram, and https://twitter.com/BangkoSentral for Twitter. According to Benjamin Diokno, the Governor of the Bangko Sentral ng Pilipinas, “we are committed to protecting the public from fraudulent activities, and we will continue to monitor social media platforms for any suspicious activities.” The circulation of fake banknotes can have serious consequences on the economy.
According to the Bangko Sentral ng Pilipinas, fake banknotes can lead to a loss of confidence in the currency, which can ultimately affect the country’s economic stability. The bank has been working to prevent the circulation of fake banknotes, and the warning against fake social media accounts is part of this effort.
As noted by the Philippine National Police, “the circulation of fake banknotes is a serious crime, and we will work with the Bangko Sentral ng Pilipinas to apprehend those responsible for this activity.” The police have also advised the public to be vigilant and to report any suspicious activities to the authorities. Social media has played a significant role in the spread of false information about Philippine currency.
The fake Facebook account that was reported by the Bangko Sentral ng Pilipinas is just one example of how social media can be used to deceive the public.
According to a spokesperson for Facebook, “we take the issue of fake accounts seriously, and we will work with the Bangko Sentral ng Pilipinas to take down any accounts that are found to be fake or misleading.” The spokesperson also noted that Facebook has measures in place to prevent the spread of false information, including the use of fact-checking organizations to verify the accuracy of information posted on the platform.
To prevent the circulation of fake banknotes, the Bangko Sentral ng Pilipinas has advised the public to be aware of the features of genuine Philippine banknotes. The bank has also warned the public against accepting banknotes that are damaged or tampered with. According to the bank, “the public should be vigilant and report any suspicious activities to the authorities.” The bank has also advised the public to follow only its existing and verified social media accounts for real updates and announcements.
As noted by the Department of Finance, “the prevention of fake banknotes is a collective effort, and we will work with the Bangko Sentral ng Pilipinas and other government agencies to prevent the circulation of fake banknotes.” The warning issued by the Bangko Sentral ng Pilipinas against fake designs of banknotes circulating on social media is a timely reminder of the need for vigilance in preventing the spread of false information.
The bank’s efforts to prevent the circulation of fake banknotes are part of a broader effort to protect the public from fraudulent activities. As the bank continues to monitor social media platforms for any suspicious activities, the public is advised to be aware of the features of genuine Philippine banknotes and to report any suspicious activities to the authorities.
By working together, the Bangko Sentral ng Pilipinas, the government, and the public can prevent the circulation of fake banknotes and protect the country’s economic stability.
