Growing Threats to Security of Financial Bodies | Security World News

Ralph Winn | Jun 01, 2011 | Comments 0

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What is the first thing that comes to your mind when referring to safety and security of your hard-earned money? Obviously, the unanimous name that comes to everybody?s mind is Bank. You not only safeguard your money by depositing it into a bank, but you are also benefited by the extra interest which bank provides to its customers. So if practicing in a good banking habit, a citizen is always in a win-win situation.

But with the increasing number of banks and equally increasing amount of transactions been made by any particular bank, banks have become a prime target for the criminals to result their criminality. Even after implementing every security measures, we hear in the news about the bank robbery and forgery cases almost on a daily basis. So in order to counteract the criminals, new and latest technologies and ideas are being implemented and formulated so as to be always one step ahead of the criminals and their imagination. There are new security cameras especially built and designed for these purposes and also different technologies are introduced by which one can view and keep in record all the activities going around the major areas of the bank and its branches distributed to different place in different territory.

Nowadays, bank security does not only comprise of acts implemented to safeguard the money and bank property against the robbers but also the strategies to deals against forgery and counterfeits. The criminals are adapting to very advanced technologies to rob a bank. The most highlighted mode by which a group of people rob the bank and thereby creating a downfall in the economic status of any state or country is by counterfeiting and forgery. Counterfeit money is a very serious problem and is getting bigger and bigger. Banks all over the world and economic regulatory bodies around the world are generating and implementing new laws and techniques and technologies to overcome this problem.

Another issues, which the bank and financial bodies have to overcome is the bank heist, which has resulted in cooperation of the bank staff member. It has become quite a regular pattern that when there is news of a robbery or heist in a bank, one or more of the staff members and employees are connected or found being involved in that case. For example, a heist in International Bank of Commerce in Houston, TX, two of the tellers of the bank were found involved in the heist where they have designed and crafted the heist in such a way that it appeared to be legitimate.

Another scenario of the heist is resulted when the highly authorized bank employee misuses their power and result in big scandals. This happened in First National Bank of Ely in Nevada where a vice president and a city councilman embezzled about $3.7 million from the bank in about 10 years of his service.

So, in terms of bank security, not only the robbery or heist are the problems that the financial bodies are facing, but the misconduct and abuse of the powers from their own employees are being viewed as even greater danger.

Filed Under: Business Security

Source: http://www.securityworldnews.com/2011/06/01/growing-threats-to-security-of-financial-bodies/

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