In response to increasing ATM thefts and rising insurance rates, Cash Connect has published a best-practices guide for armored cash carriers.
The ATM-cash provider developed the guide, which details 128 best practices, with security firm Brink’s Co., risk consultants Lowers & Associates and insurer American Special Risk, says Tom Stevenson, Cash Connect president. The guide also has earned the endorsement of the ATM Industry Association, he says.
Thefts associated with armored carriers have increased at their vaults, in transit and after cash has been loaded into ATMs, Stevenson says. Among the high-profile cases, a carrier skimmed millions from its own vault, and robbers armed with assault rifles got access to cash when a lone carrier employee arrived at work to open a vault, he says.
“ATM-cash differences, thefts and losses can quickly erode the profitability of an ATM program and drive up insurance rates,” says John Clatworthy, Cash Connect senior vice president of client services. “Implementation of these best practices will significantly enhance the security of funds and protect the long-term profitability and viability of the ATM Industry.”
The guide covers insurance, external audits, access controls, transit and physical security.
Newark, Del.-based Cash Connect has surveyed its approved carriers to determine the best practices they follow and plans to assign them scores based on the findings. The carriers and ATM deployers may use the scores to help evaluate carriers, Stevenson says.
“We are in an industry in need of change,” says Mark Lowers, Lowers & Associates president. “Implementation of these best practices will add a major hedge of protection around the ATM industry.”
Mike Lee, ATM Industry Association CEO, applauded Cash Connect and its partners for their leadership in drafting the guidelines and advancing their implementation for the benefit of the entire industry. “Security continues to be one of the top issues facing the ATM industry and one that must continue to be addressed in order to stay ahead of criminals,” he said.
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