ABM: Steps in place to detect fake banknotes
> All currency notes will be validated both at machine level and over the counter before being circulated
PETALING JAYA: The Association of Banks in Malaysia (ABM) said member banks have put in place robust measures to detect counterfeit banknotes.
“These measures include validating the authenticity of the banknotes before they are circulated and are applied both at machine level as well as over the counter at bank branches,” it said in a statement yesterday.
The association was responding to news reports that counterfeit banknotes allegedly withdrawn from Automated Teller Machines (ATMs) and over the bank counter have gone unnoticed.
ABM said each bank has its own specific internal procedures with regard to the processing of banknotes.
“Generally, all banknotes are scanned and validated before being loaded into ATMs and Cash Recycler Machines (CRMs). In addition, banknotes deposited at CRMs and Cash Deposit Machines (CDMs) by bank customers are scanned by the machines.
“Any counterfeit banknotes deposited would be detected and rejected on the spot,” it noted.
ABM stressed that banks are required to adhere to the guidelines issued by the regulators on the handling of suspected counterfeit banknotes.
In accordance with the guidelines, all suspected counterfeit banknotes are to be retained, reported and surrendered to the police for investigation.
“We wish to remind the public that counterfeit banknotes are not legal tender and as such, no value will be given to any such notes. Any members of the public in possession of suspected counterfeit banknotes are advised to lodge a police report and surrender the suspected notes to the police,” the association said.
It added that suspected counterfeit banknotes that are certified as genuine after investigation will be returned to the bank customer concerned.
The public are advised to contact their respective banks’ call centres or ABMConnect at 1-300- 88-9980 for any queries.
Meanwhile, Bank Negara Malaysia (BNM) reiterated in a statement yesterday that the incidences of counterfeit banknotes remain low and were isolated cases.
“Any insinuation that the incidences of counterfeit notes are prevalent will cause undue public consternation. The bank views seriously any reports on counterfeit banknotes.”
The central bank stressed that it has been working closely with the Royal Malaysian Police to promptly act on reports lodged related to counterfeit banknotes, including the cases reported in the media article.
“Contrary to the media report, the bank and the police have not detected high quality counterfeit banknotes, printed using paper resembling actual banknote paper and state-of-the-art banknote printing techniques.
“The counterfeits detected are of low quality, mostly printed on normal paper using ordinary colour printers/copiers and can be easily distinguished from genuine banknotes by using a simple sense of touch and sight. Members of the public should be able to identify these counterfeit banknotes.”
To know more about the features of Malaysian banknotes, the public can download BNM’s My Ringgit Mobile App from Apple Store and/or Google Play Store.