Security at banks

The theft of nine million rupees from a bank in Jodia Bazaar in Karachi on April 14 was, not surprisingly, carried out in connivance with a guard who was supposed to be providing security to the bank. This is the fifth major bank robbery in the city this year — after over 20 last year — and, in most cases, those meant to be guarding the banks turn out to be the looters. While it is easy to criticise private security firms that provide these guards and the banks that hire them, it is time to address the root cause of the sudden rise in bank robberies.

Private security guards, despite being entrusted with the job of safeguarding millions of rupees, are barely paid minimum wage. Expecting them to risk their lives for the money of others, when they are finding it difficult to make ends meet in these hazardous economic times, is perhaps not the wisest security plan. Then again, even banks and their employees have little reason to spend a lot of money or risk their lives protecting what is in the vaults. The banks insure their cash at hand and even stand to lose very little, while employees are hardly likely to risk their lives playing the hero and standing up to men with guns. Thus, not only do security guards have an economic reason to turn against their employers, they also know they are unlikely to meet any hurdles along the way.

The issue, however, has to be tackled immediately as it is affecting our national security. We have been told many times that the Taliban in Karachi are funding their country-wide reign of terror through bank robberies and kidnappings. With the banks little more than sitting ducks, it is possible that millions are being added to the coffers of the militants. Only once it is ensured that guards are paid salaries and provided life insurance in accordance with the dangers associated with their job, will banks have reasonably sound security.

Published in The Express Tribune, April 18^th,  2011.