How To Reduce External Security Threats Within Banks With Banking Security Services

With the media’s uninterrupted attention to cybercrime, we are about to think of bank robbery as a thing of the past. However, we are utterly wrong once we take a glance at the statistics. As per RBI data, every day 3 banks were looted on an average from 2015 to 2018. Shockingly the number of robberies is increasing, even in this digital age! Now that banking security has become synonymous with cybersecurity, there is still an ongoing need for physical bank security services by armed forces in brick-and-mortar establishments.

The increasing rate of robbery and physical security threats throughout banks is alarming, which can be overcome by following specific measurements such as upgrading banking protocols and outsourcing bank security services.

The article is focused on top three factors to ensure the physical security of banks/ATMs/financial institutions. Thus their customers and shareholders gain confidence in the safety and soundness of those institutions.

Compromised Security Protocols Vs. Implementation of Upgraded technology and Training

Bank security threats occur in both high traffic as well as remote places. The key reasons for these security threats are the perceived availability of money, easy access to customer data, or proprietary information. Although all banks follow some protocols to protect against external physical breaches, some security gaps do exist.

Sometimes, security gaps become a big question when controls are not customized based on different location needs. Undoubtedly, the security protocols of a metro city’s branch should not be the same as the rural branch.

Compromised security protocols create obstacles to tightening the security parts of the banks. However, the upgradation of existing security protocols and the latest technology can mitigate these issues.

In order to combat such security gaps in the banks’ protocols, we can follow below-mentioned solutions:

Power of in-depth analysis:

A thorough investigation of the success or failure of existing protocols can identify the procedural gaps. In addition, employees should follow strict company procedures to avoid any physical security breach.

Using technological advancement:

Implementing new technologies in the banking system is also beneficial for measuring the existing security and upgrading it to the next level to reduce financial losses.

Frequent trainings by professionals:

Robberies at teller windows are not also uncommon in India, and all banks provide training with clear guidelines on steps to be taken in such scenarios. However, we can avoid such threats by providing more aggressive training and conducting frequent drills.

Physical Security Threats vs.  Bank and ATM Cash Management Services

All ATMs in India follow the Reserve Bank of India guidelines, and as per these guidelines, banks should be held responsible for installing and operating their ATMs. However, the lack of enough interpretations in these guidelines encourages the rise of multiple unsafe scenarios.

All the ATMs in India follow the RBI guidelines, which allow them to outsource banks and ATM management solutions and close the security gap left by overburdened banking institutions.

ATMs in India come under Reserve Bank of India guidelines, and these guidelines place almost all the responsibility on the banks installing and operating ATMs. However, there is enough space left in these guidelines for interpretations to give rise to various unsafe scenarios.

Eventually, the bank’s slightest negligence or gap in security increases ATM crimes and physical threats on the users.

By taking some simple yet essential steps, banks can prevent such security threats on their ATMs:

Hiring bank security services:

Outsource the ATM management security to some trusted banks and ATM management solutions that follow global security standards and the latest technologies during daily cash replenishment, deposit processing, and first-line maintenance for 24×7 uptime. Sometimes, scheduled and random surveillances by banking support services are also an essential part of ATM securities.

More Technology-Based Solutions for ATMs:

Install a detection system that can sense and send an alert when anything is attached to the card reader, keypad or ATM screen. This technology-based solution is a part of ATM caretaking & maintenance often followed by the start-stop motion when a card is inserted.

Jamming Preventive Mechanism:

Investment of a jamming mechanism via electromagnetic field is another helpful step to prevent ATM threats. This kind of technology helps detect when a skimmer is attached to an ATM and jam or deactivate the skimmer.

Increasing Awareness:

Apart from these preventive steps, another important step is increasing awareness and education among ATM users. Banks and financial institutions should have pamphlets and programs regarding ATM safety (such as closing the door behind while using ATM, checking surroundings before initiating the transaction).

Vulnerability of Exposed Cash Vs. Implementation of Cash Management

We couldn’t agree more that the bank’s teller window with the exposed cash drawer is the most lucrative and vulnerable place for a robbery.

Since banks have to deal with a large amount of cash deposition and withdrawal, an effective cash management system such as a cash recycler can be the most secure solution.

Key Takeaways

With numerous challenges faced by banking and financial institutions, it’s challenging to pay in-depth attention to these businesses’ emerging trends of security threats. Hence, the banks and financial institutions should integrate the best solutions such as remote monitoring, outsourcing banks, and ATM security to trusted organizations like S&IB, which has continuously maintained a high level of physical security.