[Slideshow] CIT Carriers: Emerging ITM Program Risks

By Lowers & Associates,

Interactive Teller Machines (ITMs) present a win-win for customers and banks alike. These machines offer new levels of automation, allowing banks to efficiently deliver a wide range of banking services. ITMs free up teller lines for higher level services, allowing customers to take care of basic needs on their own. ITMs bring new levels of convenience for customers who are increasingly comfortable with digital banking services.

ITMs also open up new opportunities for CIT carriers who are able to step up to the demands of servicing a more complex machine. That said, the details of ITM servicing cause concern and complexity. Consider the placement of the ITMs. While convenient for customers, their placements often put carriers at increased risk of attack. Not to mention the time it takes to service an ITM, which is significantly longer than a traditional ATM. These longer service windows also add to a carrier’s risk.

Our latest slideshow resource sheds light on emerging risks CIT carriers face as they look to expand their banking relationships to handle ITM servicing.

Flip through the presentation here:

  Category: Cash In Transit
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[Infographic] The State of Violence in the CIT Industry

By Lowers & Associates,

Robberies of armored CIT vehicles are a real risk faced by companies and their drivers. Violent robberies, which involve physical assault, guns, chemical sprays, and even murder, are quite another. Violent robberies are on the rise and have become a prevalent concern for armored carriers, even more so than in banks. The phenomenon is profound: while violent bank robberies occur in only 3.5% of all robberies, 49% of armored car robberies involve a violent act.

Armored car operators and personnel face a dual threat, as both the number of robberies and the presence of violence are on the rise. Strides have been taken to address these safety concerns, including the Hobbs Act, which establishes armored car robbery as a federal crime. However, findings indicate that this legal amendment has failed to deter the most violent criminals.

It is paramount for CIT operators to proactively address this rising threat. In our latest infographic, we present the most up-to-date research on armored car robberies and offer 8 ways to combat the threat of violent robberies.

  Category: Cash In Transit
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Can the Cash Processing and Transport System Become a High Reliability Organization?

By Lowers & Associates,

A High Reliability Organization (HRO) is one that achieves desired outcomes consistently, despite operating in a highly complex environment characterized by high risks. It learns from its failures, even those unanticipated, and uses them to improve over time.

Could the Cash Processing and Transport System (CPTS) operate like an HRO? Let’s begin by determining if CPTS shares the characteristics of an HRO. … Continue reading

Top 10 Risk Management Articles from 2014

By Lowers & Associates,

risk management articles

We’re pleased to kick off the new year by sharing our most-read blog posts from the Risk Management Blog in 2014.

1. Protecting Against Ghost Employee Fraud

Payroll fraud accounts for about 9.3% of occupational fraud at a cost of over $300 million per year across all types of organizations. One of the most common forms of payroll fraud is the use of “ghost employees” to divert money to fraudulent identities. Like all organizational frauds, this is a hidden crime that can best be prevented by controls designed to expose all payroll transactions.

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2. Key Components of a Fraud Risk Prevention Policy

In this post, we offer an overview of the elements of a fraud prevention program that would be useful in any organization. Summarized from, Managing the Business Risk of Fraud: A Practical Guide, produced by a consortium of associations, the guidelines point to specific steps managers can take to implement an effective fraud prevention program.

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