Cash bombings on the up

File picture: Flickr.com

File picture: Flickr.com

Published Jun 15, 2016

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Johannesburg - Businesses that deal mostly in cash have become a key target for syndicates of gangsters who are knocking over retail outlets and blowing up cash vaults.

This is according to Richard Phillips, joint CEO of Cash Connect Management Solutions, who says he has seen an uptick of device bombings as thieves direct their attention away from ATMs and cash-in-transit attacks because the level of security has been increased in these areas.

Although these are no official statistics, he says the last 18 months have seen an uptick of device bombings by syndicates who often have inside knowledge about the cash safe, and how secure it is.

Read also:  Retailers are prime targets

Based on recent South African Police Service stats, a total of 19 170 armed robberies were recorded against businesses in South Africa in the last year – roughly translating into just more than 50 armed robberies each day, notes Phillips.

According to a recent report for the 21 months ending January 2016, 36 percent of total acts of crime against a measured retail sample were armed robberies, 11 percent were cash device bombings and 53 percent of retailers surveyed experienced burglaries, says Cash Connect.

Phillips says the most vulnerable companies are those with lightweight devices, which can easily be bombed. He adds the “bandits” are becoming increasingly sophisticated and their bombing expertise is better, indicating that this sort of crime is perpetrated by organised criminals.

The growth in incidents of cash bombing means that this year is likely to show an increase, with retailers more vulnerable over public holidays when more cash is spent, says Phillips.

Phillips adds that, globally - according to a MasterCard survey - 84 percent of all transactions are done in cash, making this currency a soft target. He explains some 94 percent of all transactions in SA are done via cash, compared to the global volume.

There is about R120 billion in cash in circulation at any given time, based on figures provided by the South African Reserve Bank, he adds.

"Light-weight deposit machines containing large amounts of cash are the new focus. The use of plastic explosives to gain access to the contents of devices has become a popular tactic of the criminals."

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