• BSP warns public against fake checks

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    THE Bangko Sentral ng Pilipinas (BSP) on Tuesday warned the public against fake checks.

    In a statement, the central bank said that the public should be cautious of “unscrupulous” persons who pass off fake checks as supposedly issued by the BSP or the former Central Bank of the Philippines.

    As modus operandi, the BSP said that the scammers would pretend to be authorized BSP representatives and would ask for money from victims in exchange for fraudulent checks that are made to appear to be worth millions of pesos each.

    The central bank also clarified that it does not issue, secure or guarantee checks and other commercial documents in the name of individuals or private groups.

    “As a financial regulator, the BSP transacts only with financial institutions under its supervision,” it said.

    In connection, the BSP said that the advisory is part of a series of advisories issued by its Financial Consumer Affairs Group to boost financial know-how of Filipino consumers and to protect the public against financial scams and frauds.

    Earlier, the central bank said that it is preparing to release a Consumer Protection Framework (CPF) that is applicable to its covered institutions.

    According to Johnny Noe Ravalo, managing director for Central Supervisory Support Sub-Sector of the BSP, the framework includes the rating of banks in terms of consumer protection.

    “We will rate them 1 to 4, with being the highest. There should be uniformity in the treatment of both. . . market behavior. . .as well as financial literacy from the banks and maintaining the rights and responsibilities of everyone,” he said.

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