Friday 29 Mar 2024
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Bank Negara Malaysia today launched My Ringgit, a mobile application that educates the public on the ringgit’s security features.

The app will teach people about security features such as “Intaglio”, or raised printing effect, which should allow the public to “detect 99% of counterfeits in Malaysia and the world over”, said Bank Negara deputy governor Datuk Muhammad Ibrahim.

The central bank stated that despite the country having one of the lowest counterfeit levels worldwide, counterfeit currency remains a problem. It believes that educating the public on the ringgit’s security features through the app will help them to better authenticate the currency.

“[The app will allow users to check other security features of the notes,] such as watermark, electrotype numeral, see-through register mark, windowed colour shifting security threads with texts, hologram stripe, gold patch, to name a few, are among the basic security features that we should know on our currency notes,” Muhammad said.

Users can also check the features of coins, such as the presence of specified latent images from a tilted angle, magnetic properties, the number of space indents and presence of fine micro-lines.

“All these features can be easily verified or authenticated using the “FLTC” method, that is, Feel, Look, Tilt and Check without using sophisticated devices.” Muhammad said.

The central bank noted that the app also provides the location of coin deposit machines of local participating institutions. Users will also receive periodic push notifications on currency-relevant news, such as the issuance of a new commemorative coin.

Bank Negara also launched ink-stain technology, the first in Asia, in a bid to deter robberies at automated teller machines (ATMs). If the event of a robbery, indelible ink from inside the ATM will stain the currency, rendering it unusable.

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