Banking Security Risk Assessment: Is Your Bank Secured Enough From Top 5 Security Threats? (Don’t Miss Our Security Solutions)

Face it – physical security is one of the most overlooked aspects of protecting our retail sector banks and other financial institutions.

In this digital era, when someone talks about banking security, the topics such as cybersecurity, malware attacks, mobile banks risks etc., receive the lion’s share of attention.

However, when the national economy is going through a challenging phase, how could we ignore the fact that good old-fashioned bank robberies and ATM theft attempts are up!

Yes, even in this 21st century’s digital era!

There are many good reasons why all banks and financial institutions should be focused on assessing physical security risks and looking for their relevant solutions.

Without much ado, let us bring your attention to the 5 biggest physical security threats and how to mitigate them with feasible solutions.

1.     Age-old Physical Security Concepts

Most retail banks are now vulnerable to physical security threats because of their age-old banking security systems. When banks are more focused on increasing revenues and operation efficiencies, they often overlook tightening banking security systems with cutting-edge technologies.

Conventional banking security systems are:

• Although most urban banks embrace security systems such as ageing video surveillance and access control, they don’t have enough room for automation or integration. As a result, the entire security systems are slow, manual and operator-driven.
• Still, many rural retail banking branches don’t have enough infrastructures to rely on video surveillance and access control systems.
• Security systems for access control, surveillance and more are typically standalone systems. These are not sufficient to prevent coordinated incidents such as pre-planned robbery or thefts.
• Maintaining and operating these ageing and disparate security systems require sufficient manpower and money, which may not come within the budget of most retail banks.

Solutions:

Instead of relying on the old-fashioned way of banking security systems, retail banks and financial institutions should embrace updated technologies and modern banking security services, such as:

• Updated technologies such as CCTV, access control, intelligent video surveillance and incident response solutions
• Outsourced security support services such as armed manpower and professionals
• Investing in a comprehensive security system to manage from multiple locations

BOTTOM LINE

Conventional security systems followed by retail sector banks are the major reason for increasing security threats. With the help of modern technology and efficient banking support services, we can mitigate or decrease these security risks.

2.     Weak Physical Security Infrastructure with Bank Premises

Have you ever assessed the security infrastructure and its vulnerability to physical attacks and robberies? If not, it’s high time to evaluate.

Most retail banks in urban and rural parts of India don’t have adequate Infrastructures. We often see one or two security persons standing at the gateways for safeguarding a high-traffic bank, making it more vulnerable to risks and security threats.

Solution:

Along with upgrading banking security to modern technology, it is also essential to evaluate the grey areas of the banking infrastructure to prevent real-time attacks.

Some banking support agencies provide outsourced security services to evaluate how many security personnel required by the bank or if the cash counters and other vulnerable corners are well-guarded or not.

BOTTOM LINE:

Weak infrastructures and a lack of proper risk assessments increase the risk of physical security and real-time attacks.

3.     Unguarded ATMs

Robbers and fraudsters always tend to target unguarded ATM kiosks. Almost every alternative day, we come across news like how a gang of thieves burgled an unguarded ATM kiosk and ran away with the funds.

These cases of ingenuous ATM frauds and hacking are now surfacing in several cities of the country.

Solution:

The banking authorities need to fortify all ATM kiosks’ safety and security arrangements by deploying ATM guards and caretakers and strengthening internal security systems such as CCTV and access control.

BOTTOM LINE

Another vulnerable point of banking security risk is unguarded ATM kiosks, ATMwhich should be guarded by security personnel and caretakers.

4.     Skimming

Card skimming, including traditional ATM skimming, is nothing new where fraudsters use card details to access customer’s banking details, such as account numbers and PINs. Usually, they attach a skimming device to the ATM from where they capture and store all confidential banking information of customers.

Solution:

In order to combat the growing sophistication and coordination of skimming, banks need to figure out the point of compromise used at baits by fraudsters. Similarly, increased security at ATM counters, 24/7 surveillance and stronger cardholder authentication are some of the necessary steps to be followed.

BOTTOM LINE

Fraudsters often target ATM users to access their banking details such as account numbers and PINs and operate card skimming scams.

5.     Untrained Security Personnel

Every day, banks operate with large amounts of money, and they are also open to the public. As a result, banks are at higher risk of threat. Most banks are guarded by untrained security personnel who don’t have sufficient security training to avoid real-time threats such as robberies, thefts and fraudulence.

Solution:

Right from the security of employees, to customers, to visitors of the banks and bank premises, you need to follow a reliable banking security service. These security teams have specific knowledge and training to understand the specific security needs of financial institutions and banks.

BOTTOM LINE

Banking security and ATMs should be guarded by professional and trained security personnel. If required, banks need to think about outsourcing banking security services to professional security service providers.

Read More: How To Reduce External Security Threats Within Banks With Banking Security Services

Final Thought

Beyond outlining the top banking security threats, we have tried to provide some of the best physical security solutions for banks. In today’s world, banking security is more than just security cameras, guards and locks.

Hence, we want you to prioritise banking security with a reliable banking support service provider like S&IB, which has continuously maintained an optimal level of protection for banks, ATMs, and financial institutions.