Everyone knows this scene: A person in a ski mask enters a bank and yells, “Everyone on the ground! This is a robbery!” Though this is clearly a sensationalized representation of the crime, financial institution robbery does occur. But how common is it? Explore some statistics regarding the crime and ways you can protect your bank from the possible threat.
What the Statistics Say
According to the most recent data from the FBI’s Bank Crime Statistics Report for 2023, there were a total of 1,362 robberies, burglaries, and larcenies reported at financial institutions in the United States. Out of these, commercial bank robberies accounted for the vast majority; just 148 affected credit unions.
Such crimes primarily occurred during business hours, with cash as the primary target. Most reported cases involved demands passed via note or verbal threats rather than violence. However, 76 instances reported takeovers.
A Note on Media Elaboration
Movies and news media coverage often amplify the drama surrounding financial institution robberies, portraying them as more frequent and violent than statistics suggest. Robberies involving heightened violence or unusual circumstances tend to dominate headlines and social media platforms, creating heightened perceptions of risk among the public.
However, this media framing doesn’t always align with reality. Most robberies involve limited confrontation, and financial institutions recover most stolen funds due to insurance, surveillance measures, and swift law enforcement action.
How to Protect Your Bank
As you might have suspected, financial institution robbery isn’t a top threat for banks and credit unions. That’s good news for your establishment, but that doesn’t mean you can dismiss the need for well-rounded security protocols. In fact, one of the reasons this type of crime isn’t more common is because of modern security.
Start by improving physical security in your building with high-resolution surveillance cameras, alarms, and access control systems. Have a secure place to store cash on your premises, and consider installing decoys. Track your cash with electronic or dye techniques.
Also, hire security guards to stand watch. Finally, educate your employees on recognizing suspicious behaviour and responding to potential robbery scenarios.
While the statistics show that financial institution robbery is a risk worth addressing, it is not very common in the big picture. Still, your bank should proactively address security concerns to keep its employees, customers, and assets safe.
