Do you think that just keeping your valuables in a bank locker can ensure their security? If yes, then think again. Robbers in Navi Mumbai dug a 25-feet tunnel to enter a Bank of Baroda branch and escaped with gold and cash from around 27 lockers. They entered the bank by tunneling a hole beneath the bank floor, which was dug through the shop next door. Bank officials and customers were left gaping when they discovered empty lockers. The culprits stole Rs 40 lakh worth of valuables. The robbery took place on a Friday night, which gave the perpetrators the full opportunity to operate. The heist also remained unnoticed till Monday afternoon. In fact, thieves are able to open a locker in less than 20 minutes. Moreover, the Reserve Bank of India (RBI) has said that banks have no liability for loss of valuables in a locker. Therefore, do not expect any compensation for theft of valuables in a safe deposit box as the locker hiring agreement absolves a bank of any liability. The contents are at the risk of the user.
In such a scenario, the only way out seems to have a foolproof system in place which would foil such an attack or at least alert the parties affected by the heist. There are several things that can be done on the technology front to modernize bank vaults and safeguard your valuables while providing the convenience of accessing them any time and any day.
“Such technologies may include bank lockers that are equipped with multiple sensors and automated links. They can also be powered by SMS or OTP Notification, Aadhaar verification, etc. In fact, they can provide you both convenience as well as safety. A Smart Bank Locker can also be designed in such a way that the state of the art robotic technology can be incorporated into it. This would take high end security to a whole new level,” says Hariom Sharma, Founder, Solus Security Systems, an organization working in the fields of security and automation.
Robotic Technology for Safety of Valuables Stored in the Bank
A bank locker powered by robotic technology can minimize human intervention at the time of operating the locker. Advanced Radio Frequency Identification (RFID) enabled system can scan your request as well as retrieve your locker by using a robotic arm. The locker can take the form of a kiosk. After the transaction with the locker is complete, a robotic arm can retract the locker back to the secured location.
High-end Security Need of the Hour
According to Hariom Sharma of Solus Security Systems, a smart bank locker is equipped with intelligent security systems. Access to a locker room can be secured through a debit card or even biometric authentication. The locker can also possess multilevel security checks such as debit card swipe, ATM PIN authentication, SMS or OTP Notification, Aadhaar verification, along with an option of using an additional personal lock.
Indeed, a digital transformation is required in the way bank lockers function. And tools of modern cutting-edge technology and security features can ensure to a great extent that your valuables are safe. It would also ensure that only you can have access to them.
(The author is a tech evangelist, avid blogger and enthusiast, and a storyteller at heart. You can follow him or tweet to him at @techguru_funda)
What about legal ramifications and affect on data privacy?