The Jamaica Bankers’ Association (JBA) has signalled that the recent escalation in automated teller machine (ATM) vandalism and theft could lead to customer inconvenience as member financial institutions prepare to take a number of steps to mitigate losses.

This includes, but is not limited to, a reduction of the cash levels available at ATMs and removal of the machines altogether from high-risk locations, the association said in a release.

“Criminality has costs beyond the loss of lives. It has a negative impact on economic productivity, and overall well-being. It is imperative that efforts continue to reduce all forms of criminality,” said JBA President Septimus Blake.

The JBA noted that over the last decade, the number of ATMs across the island has increased because of the 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, the association said.

The JBA said ATMs are provided at a major investment cost to financial institutions, including the cost of the machine itself, recurrent costs for software/security updates, telecommunications, security cameras, electricity, cleaning/servicing, cash replenishment, and installation of anti-skimming devices.

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, the JBA said, adding that when an ATM is stolen, a replacement is often not readily available.

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.

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. 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.”

He concluded by emphasising the importance of financial institutions evolving and adapting their services in response to changing circumstances.

“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,” Blake explained.

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

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