5 Ways ATM E-Surveillance System Transforms ATM Security

The Indian banking sector is witnessing phenomenal growth, with a highly optimistic outlook driven by strong asset quality, robust capital buffers, surging profitability, and commendable efforts by the Reserve Bank of India (RBI) to enhance governance frameworks. However, the industry faces a critical pain point that must be immediately addressed: Fraud.

Did you know India heavily relies on cash for transactions? The country–in fact–boasts one of the highest ATM penetration rates globally, with cash withdrawals at ATMs experiencing a 235% increase post-demonetisation to ~USD 34 billion as recorded in March 2023. This dependency on physical currency has made ATMs the prime targets for theft and fraud, jeopardising financial security and eroding public trust in the banking system.

While the Digital India initiative promoted digital transactions, achieving a cashless economy is far out of sight. Realistically, we cannot eliminate cash altogether, but we can significantly enhance ATM security to deter thefts, embezzlement, and other fraudulent activities.

This will safeguard ATMs and maintain public trust in the banking system, contributing to the continued optimistic outlook for the Indian banking sector. The following section explores an innovative solution to achieve this with ATM e-surveillance systems.

Cash Rules, But ATM Security Demands More Than Traditional Measures: Shedding Light on E-Surveillance Systems for ATMs

While cash rules the daily transactions in India, its dominance shouldn’t come at the expense of breached security in ATMs. Note that incidents such as uprooting ATMs, cutting, drilling, or using hydraulic tools to access cash without removing the machine, as well as gas cutter attacks and other fraudulent activities, saw a welcome decline in 2023 compared to 2020.

However, the numbers are still significant, and these threats continue to imperil financial institutions and consumers. Traditional security measures often have limitations, making them less effective in combating these evolving threats. 

Fortunately, technological advancements offer robust bank and ATM security solutions for real-time threat intervention.

Imagine a system that doesn’t just detect an attempted break-in, triggers an immediate alarm and dispatches security personnel. This is the power of the ATM e-surveillance system. It’s not just about recording incidents but about proactively preventing them. This real-time response can significantly reduce the loss and apprehension of criminals, giving you a sense of security and control. How?

1. Cloud IP Camera For Improved Incident Investigation and Forensics

High-resolution video footage with time synchronisation facilitates forensic analysis of ATM attacks. Encrypted CCTV cloud storage ensures the recorded footage remains secure and readily available for investigation, aiding in identifying perpetrators and recovering stolen funds.

2. Automated Alarms Triggered by Advanced Sensors

IoT-based ATM security solutions like Sensors are deployed to trigger alarms when predefined criteria are met automatically:

• ATM Removal/Shutter Sensors: Detects unauthorised attempts to remove an ATM from its base.
• Chest Door MCS Sensors: Magnetic Contact Switches (MCS) are placed at the currency chest doors to prevent potential break-in attempts.
• Vibration Sensors: Early warning of tremors and vibrations caused by drilling or tampering with the ATM.
• Motion Sensors: Strategically installed around the ATM, these sensors detect unauthorised movement in the machine’s vicinity, which is particularly useful after hours when the ATM isn’t in use.
• Thermal Sensors: Detect rapid temperature fluctuations by using gas-cutting tools.
• Glass Break Sensors: Detect forced entry by capturing the distinct audio shockwaves produced when glass is shattered.
• Smoke Sensors: Detects smoke particles, which could indicate a fire caused in the ATM room.

3. Integrated 2-way Audio Box For Immediate Response To Breaches

When these sensors detect suspicious activity, they send a signal to the command centre. This initiates a two-way response. The command centre activates the ATM’s internal audio system, broadcasting a loud alert within the compromised facility to warn intruders, simultaneously dispatching a notification to the local police department, ensuring a prompt response to the security breach.

4. Panic Button For Rapid Emergency Response

In case of an emergency, customers can activate the Panic Button. Once the panic alert is received, the command centre conducts video verification. If a hold-up is confirmed, they promptly notify the local police with comprehensive situation details.

5. Data-Driven Approach to Security Optimization

Analytics derived from video surveillance data can provide valuable insights into ATM usage patterns and suspicious activity trends. Banks can leverage this data to optimise security measures, strategically allocate resources, and identify high-risk areas.

It’s not just about security. ATM e-surveillance systems are pivotal in helping banks adhere to the stringent regulatory requirements governing ATM operations, security standards, data privacy, and consumer protection.

With automated audit trails and comprehensive reporting functionalities, these systems simplify compliance management processes, keeping you informed and compliant.

Case Study: How E-surveillance Systems Propelled India’s Private Leading Bank to Unlock Unprecedented Growth?

A few years ago, a leading bank faced a significant setback when a vault custodian embezzled approximately USD 4.3 million from the currency chest, per a police press release. While the police recovered a substantial amount of the looted fund, the investigation revealed problems with the bank’s CCTV system. The investigation found that the hard disks containing CCTV footage were missing, and footage from recent days was deliberately deleted.

However, demonstrating a steadfast commitment to resilience and leveraging digital innovation to address phydigital security challenges, the bank executed a remarkable recovery. The bank received esteemed accolades, including the titles of Bank of the Year and Best Bank in Innovation for its InstaBIZ platform, awarded at the Annual Business Today-KPMG Awards 2023. 

According to a post from the bank, this recognition was attributed to a combination of factors, including financial performance and qualitative measures such as the impact and efficacy of digital initiatives, risk management practices, governance protocols, and leadership stability.

One of the secrets to their success? A strategic shift towards e-surveillance. While these factors collectively position the banking giant as a leader in navigating the evolving phygital landscape of security threats, we at IGZY are proud to have played a crucial supporting role in protecting over 600+ branches for the bank with our cutting-edge ATM e-surveillance solutions across India. 

As pioneers in advanced bank surveillance systems, our partnership with numerous leading banks in India exemplifies our commitment to ensuring the highest security standards for banks and institutions. Whether it is fortifying weak ATM security, effectively addressing the cash problem, stolen NVRs, or regulatory compliance, we are positioned to accelerate banks with Iot banking solutions to thrive in the flourishing banking landscape of India.

Don’t wait for an attack to realise the importance of critical security; embrace e-surveillance today. Note that the Reserve Bank of India passed a circular in 2019 emphasising the critical importance of ATM e-surveillance systems in India. So, contact us today to gain invaluable insights into your security posture and explore how e-surveillance systems can transform ATM security. 

You may leverage a complimentary security consultation from a team of security experts at IGZY. For further details, reach out to us at [email protected].