Banks must tighten up on security, says expert

BANKS and other large financial institutions have to significantly tighten security arrangements if further tiger kidnapping are to be prevented.

Paul Dwyer, who has worked with the FBI and MI5 and runs the leading security consultancy firm Team Infosec, says that questions would have to be asked about security measures after a gang yesterday stole €7 million from Bank of Ireland.

The tactic of holding relatives or friends of people with access to large sums of money is a forceful weapon in the armoury of tiger gangs. In yesterday’s case, a bank employee was forced to comply with the gang’s wishes after some of them attacked his partner, her mother and her five-year-old grandson.

It appears that the employee, who is in his 20s, was able to gain access to the bank of Ireland branch at College Green on his own, place the money in laundry bags and then hand it over to a gang member.

Mr Dwyer says systems should be put in place to ensure that multiple “key-holder” employees should have to simultaneously unlock a safe.

“This would greatly reduce the risk of tiger kidnappings. A gang would have to be larger to co-ordinate targeting a number of different people at different addresses. It would take more time to do and it would increase their chances of getting caught,” Mr Dwyer said.

While technology such as time locks should help to minimise risk, Mr Dwyer said the most vulnerable link in the security chain would always be an employee with access who could be coerced by criminals, especially if his relatives were being threatened.

The security expert also questioned why static guards are not employed in banks on a 24-hour basis. Apparently no security guards were on duty at the bank.

It has also emerged that the bank was used as a cash depository for other banks in the area, thus making it a far more lucrative target for the six-strong members of the gang.