Banks See Rise Rise in ‘Smash-and-Grab’ Thefts from Automated Teller Machines
Convicted bank robber Willie Sutton, when asked why he robbed banks, famously said, “because that’s where the money is.”
In today’s socially-distanced world, criminals increasingly are turning their attention to the money inside automated teller machines — whether outside a bank or inside a neighborhood convenience store. And their smash-and-grab method of extraction — often involving heavy equipment stolen from nearby construction sites — has become yet another COVID-19 cost driver for insurance carriers.
Travelers says that claims for damages because of ATM thefts increased by 220% from 2019 to 2020. Due to COVID-19 bank closures or restricted hours, customers are encouraged to use ATMs and banks are holding more money in them than before.