E-Crime Bureau, a cyber-security and digital forensics consultancy, is urging maximum vigilance in handling and transporting cash as attacks on cash-in-transit space persist.
It noted that despite the increasing prevalence of digital transactions in the global financial landscape, cash continues to remain a vital component of financial transactions in the economy; and with its attendant fraud and security risks, institutions require robust systems and practices to guarantee safety and security.
“Cash-handling and cash transportation, also known as cash-in-transit (CIT), plays a critical role in the financial sector by ensuring secure movement and management of physical currency. Financial institutions, retailers and other entities involved in cash operations must adopt rigorous measures to protect against theft, fraud and operational risks,” it said in a statement.
It backs the call with a recent analysis of the financial landscape which revealed that inadequate security measures – such as the use of inappropriate vehicles for the transport of cash, predictable routes and schedules, lack of training and preparedness among cash collection teams, insider threats, limited use of technology and countermeasures among others – are some specific risk areas and vulnerabilities exploited by criminals.
These factors, it said, have contributed to the susceptibility of cash vans to criminal attacks; thus compromising the safety of personnel and the secure transportation of cash.
Its comments come on the back of the recent cash-van attack at Ablekuma in Accra. e-Crime Bureau iterated that it is essential the financial sector holistically identifies and implements practical strategies to mitigate the incessant attacks.
It said: “To mitigate such threats, players within the financial and cash-in-transit sector must strengthen security measures in cash management: including comprehensive background checks on employees, installing advanced surveillance systems, employing trained security personnel, adopting regular security drills, and security training for security teams and employees.
“Also, enhance security measures at various cash pickup points as well as areas that demand the vans to slow down or stop. Financial institutions that depend on the services of cash transportation institutions are required to ensure staff of the firms are properly trained and resourced. They must also implement strict protocols for cash transportation – such as utilising armoured vehicles/bullion vans, varying routes and schedules, and avoiding predictable patterns.”
It also underscored the need to establish effective communication channels between cash transport teams, law enforcement agencies and relevant stakeholders to swiftly respond to any potential threats or suspicious activities.
“Increased community involvement and vigilance play a crucial role in preventing such incidents. Security/law enforcement agencies need to step-up public sensitisation on roles of the general public in contributing to intelligence gathering and sharing, and secure approaches that citizens can adopt to support and foil activities of criminals involved in these illegal activities.
“Arms-control measures properly implemented can significantly aid in mitigating attacks on cash vans. By strictly regulating the possession and use of firearms, authorities can limit the availability of weapons to criminals – making it more challenging for them to carry out violent attacks. This restricts the potential firepower criminals can bring to bear during a cash-van heist, thereby reducing the overall risk and severity of such incidents,” it added.
Attack on mobile money operators
The Bureau has also taken particular reviews of attacks on mobile money operators, which have also become a fundamental cash-handling risk and a major threat to financial inclusion efforts.
Its reviews indicated that criminals are drawn to these operators, particularly agents/vendors within high-risk areas, because of the substantial amounts of cash they handle; the perceived ease of targeting them; and their relatively limited security, since they operate in less-secured kiosks. In addition, the lack of awareness and training among vendors also makes them more susceptible to these attacks.
It therefore recommends that to address these risks, mobile money vendors must implement robust security measures. This includes the installation of surveillance cameras, alarm systems and physical barriers to deter criminals.
“Regular risk assessments should be conducted to identify vulnerabilities and develop appropriate mitigation strategies. It is also essential to provide comprehensive training to vendors on security protocols, situational awareness, and emergency response procedures. Collaborating with local authorities and industry stakeholders can further enhance security efforts and create a safer environment for mobile money vendors. By taking these steps, vendors can reduce their vulnerability to attacks and ensure the protection of their staff, assets and the funds they handle,” it said.
