We need to be wiser than criminals in order to put up a good fight against. What has always brought their victory against us is that we have always followed after their path instead of leading the way. We can never overcome criminals if the only thing we do is to be reactive to their activities. One of the laudable means that authorities in the sector have established in fighting bank robbers is through bait money. In this article, we want to investigate the effectiveness of the technique—if it’s truly worth adopting or it’s also one of the many ineffective techniques of fighting criminals.
Bait money is also known as bait bills. They are used by banks to aid the tracing of bank robbers. Bait bills are bills whose serial number is recorded by the bank either by making a copy or by listing in a log book. During a bank robbery, if a robber has taken the bait money, details of this can be passed on to the police. If the money is found in the possession of someone, or used to purchase goods, this can make it easier to find the suspect of the bank robbery (Loch, 2019). When the bait money has left the bank it is known as hot money.
Another platform, Askbanking.com, gives an insightful description of money bait. It described it as the money which is being in the Bank locker and duly recorded for tracking down the robbers. This is basically a small pile of currency notes which has been duly noted by the designated Bank officials in the branch and is kept in safe custody so that in case of any robbery or theft, the noted money can be used for tracking down the robbers or thief. Hence Bait money must be verified by auditors especially in big branches. In the branches Bait Money are subject to audits and auditors are subject to verify the Bait Money on regular interval. Concurrent Auditors are always sensitized about the verification of Bait money. If the money is not audited, anything can happen to it through any of the designated officers.
Now that we have given an in-depth explanation of what is meant by bait money, let’s talk about its effectiveness in the present dispensation. Here, we are going to reduplicate the responses of people when asked about how useful the Bait Money has been to their banks:
AVP at a bank in USA: “Our financial institution still makes use of “bait money” both for the vault and the teller boxes. The bait money is attached to an ink bomb which explodes bright blue ink within 30 seconds of passing through the bank front door. We test it every month to ensure the batteries are functioning and that every drawer contains bait money. Unfortunately, the only successful and true method of determining the usefulness of it is to have it used in a robbery. If the bank is robbed and the bait money explodes marking the suspect with ink that does not wash off and the stolen currency is also marked with blue ink, and the person apprehended, then yes, it is useful. Otherwise, it is a matter of theory—it might be good and it might not. We can only judge by results. I hope this helps.” The person in question is a little bit pessimistic because he/she has not seen the practical usage of the tool. However, for the fact that their bank checks it only a monthly basis shows it carries importance.
Bank Employee is USA: “We still use it, though I believe it is not as useful if you do not use the exploding ink. At I bank I previously worked, all that was done was to record the serial numbers of the money and hope that not only the robber would use them later, but also that the first place they were used would notice the serial numbers. With this being highly unlikely, I don’t see the bait money very useful unless used with the exploding ink. Even then, the robber would need to actually use the bills where it would be noticed. Overall, it can be useful if you use it to its full extent, but it is definitely not to be used in place of other security measures.”
The Case of Ramirez with Bait Money
After reading through this story, you will willingly agree that the bait money is still very useful and effective for usage in any bank across the world.
The Story: In June 2012, a 29-year-old man made off with more than $7 thousand after a bank robbery in Aurora, Illinois. Unbeknownst to him, a tiny GPS tracking device was hidden between the bills hastily shoved into his gray plastic bag. Miguel A. Ramirez is the primary suspect in the bank robbery, which took place around 9:15 a.m. at a PNC Bank branch, located at 77 S. Broadway. According to witnesses, Ramirez handed the teller a withdrawal slip which read, “all the money,” and pulled, what turned out to be, a BB gun out of his waistband. The teller was unable to read the slip, forcing Ramirez to whisper, “Give me all your money.” The teller proceeded to place the $7,026 from the register into the plastic bag. Ramirez allegedly grabbed the money, stuffed the gun back into his waistband, and fled the scene.
Police were alerted right away, and followed the signal emanating from the GPS tracking device to a BP gas station pump at 6501 U.S. Highway 34 in Oswego. By 9:35 a.m., police spotted Ramirez, who they recognized from the bank’s surveillance tapes, inside the BP store. An officer located the money bag inside an empty Ford Bronco, parked at the gas station. According to police, Ramirez turned quickly and appeared to start a conversation on his cell phone when he saw that police had arrived. He was arrested right there (RMT, 2012).
References
Ask Banking (2019). What Is Bait Money And Its Importance In Bank Audit? Retrieved from https://www.askbanking.com/what-is-bait-money-and-its-important-in-banks-audit/
CBANC Network (2012).Is Bait Money Still Useful? Retrieved from https://www.cbancnetwork.com/questions/view/2ae2fdd2bb1a7766e10b66ed5491d3bb?title=Is%20Bait%20money%20still%20useful
RMT (2012). Bank Robber Arrested 30 Minutes After Taking $7k in Bait Money. Retrieved from https://rmtracking.com/blog/2012/07/29/bank-robber-arrested-30-minutes-after-taking-7k-in-bait-money/