The recent escalation in ABM vandalism and theft threatens to inconvenience customers as financial institutions take steps to mitigate losses, the Jamaica Bankers’ Association (JBA) has warned.

The JBA, a non-profit organisation that represents commercial and merchant banks in Jamaica, said these steps will include but are not limited to a reduction of the cash levels available at ABMs and removal of the machines altogether from high-risk locations.  

All options under consideration will unfortunately lead to some form of inconvenience for customers. 

JBA President Septimus Blake said that “criminality has costs beyond the loss of lives”.

Added Blake: “It has a negative impact on economic productivity, and overall well-being. It is imperative that efforts continue to reduce all forms of criminality.”

The JBA president also urged customers to consider utilising digital payments as an alternative, saying that “individuals can greatly reduce their reliance on cash and improve their overall convenience and personal safety”.

He added: “Digital payments not only make financial transactions faster and easier but also protect individuals from the potential risks associated with carrying large amounts of cash.”  

According to Blake, the provision of digital payments is just one example of how the financial industry is modernising and streamlining its approach to better meet the needs of consumers.

Over the last decade, the number of ABMs across the island has increased because of the great convenience afforded to customers, especially those who live in underserved areas.

Most machines are available 24/7 and in addition to cash withdrawals, some machines facilitate deposits, bill payments, and other services.

This convenience is provided at a major investment cost to financial institutions. The cost of the ABM itself, recurrent costs for software/security updates, telecommunications, security cameras, electricity, cleaning/servicing, cash replenishment, and installation of anti-skimming devices, are just a few of the expenses incurred in maintaining a fleet of ABMs.

These fixed costs, when combined with the increased losses from vandalism and theft, have caused financial institutions to review all options available to them for the reduction of incidence loss. 

Likewise, when an ABM is stolen, a replacement is often not readily available. These machines are ordered in bulk quantities which have significant lead times for delivery.

Given the inconvenience to the public and the impact of potential losses from ATM vandalism or theft “… the penalties for such crimes must be strengthened to create an appropriate deterrent.” said Dane Nicholson, head of the JBA’s Anti-Fraud Committee.

Customers who have been impacted by vandalised or stolen ABMs should contact their financial institutions for details on the closest alternate ABM and consider digital options for transfers and payments to reduce their reliance on cash.

Persons who have any information regarding an act of ABM theft or vandalism, are encouraged to share this information with the Crime Stop Division of the Jamaica Constabulary Force.