Are Your ATMs Safe and Secure?
ATMs Become a Big Target for Thieves During Pandemic
With unemployment on the rise during the pandemic, Automated Teller Machines (ATMs) saw a surge in criminal activity caused by economic hardship and frustration. Back in the early part of 2020, there was an increase in ATM thefts in major cities like Chicago, Baltimore and St. Louis. The amount of cash held in an ATM during this time doubled due to bank lobbies being closed or having limited hours.
ATMs have become an attractive cash vault for criminals. The machines are normally left unattended and have both physical and electronic vulnerabilities. Thieves are using anything from malware and other network means to physically destroying the ATM in order to gain access to the cash inside.
According to surveys by the ATM Industry Association, attempts to burglarize teller machines jumped 148% from 2019 to 2020. Theft of the entire ATM using a vehicle increased by 53% whereas the use of explosives in safe breaking attacks increased by 23%. Standalone ATMs were the most vulnerable, attracting 17% of attacks.
Below are a few tactics financial institutions can use to help deter some of the ATM attacks:
- Dye Packs
- Lock Down ATM Software
For more information on these tactics click here.
Make Sure Your Financial Institution Clients Have the Right Coverage!
Contact any one of the FI insurance experts below for help in making sure your FI customers have the right coverage from a strong, stable company!