RECENT ATM HEIST

Banks need to keep up with thieves’ pace in tech to save funds

Thieves learn from YouTube videos uploaded by tech-savvy youths

In Summary

• Until the recent Barclays ATM heist, such robberies were seen in movies. 

• Sometimes its the work of staff taking advantage of their positions. 

A Barclays Bank ATM
HEIST: A Barclays Bank ATM
Image: FILE

The rapid and well-calculated moves on ATMs are a possibility that remained true only in movies until Easter weekend at various Barclays branches in the country.

Those abhorrent of such movies and the extent of wit, burglary and larceny that is involved, could unconditionally relate.

Until the advent of digital technology, bank robberies may not have been as rampant as today.

Armoured couriers and routine security guards provided apposite protection for banks.

Today, there is a swirl wind of change that is punctuated with a growing trend of card fraud, robberies and hacking of online accounts, which is often aided by insider criminals.

Banks need to reconsider their recruitment mechanisms and tap at talents whose integrity cannot be compromised.

Economist