A Critical Threat to Credit Union Members
In the complex tapestry of modern fraud, a particularly insidious tactic known as “bank jugging” has emerged, posing a direct threat to credit union members’ safety and financial well-being. For credit union executives and employees alike, understanding this crime is paramount for internal security and, crucially, empowering members to avoid becoming victims. This isn’t just about protecting assets within the branch; it’s about extending our protective reach into the community. As we look into unmasking bank jugging, we want to also give you some advice for yourselves, your branches, and of course your members!
“Bank jugging” refers to criminals observing individuals at financial institutions – banks or credit unions – and then following them to steal their cash or valuables. The term itself is believed to have originated from the slang term “jugging,” which refers to the act of carrying a large amount of money, often in a bag or container. These criminals typically target individuals who have just made significant cash withdrawals, looking for subtle cues indicating they carry a substantial amount of money. The theft often occurs after the victim leaves the financial institution, perhaps at a gas station, grocery store, or even upon arriving home. The attacks can range from simple smash-and-grab incidents from parked cars to more aggressive direct robberies.
While the term “bank jugging” has gained prominence in recent years, the underlying criminal activity – targeting individuals after they leave a financial institution – isn’t entirely new. Opportunistic thieves have always existed. However, the rise of sophisticated surveillance techniques, coupled with organized criminal networks, has given this crime a more focused and dangerous edge. Criminals may use multiple vehicles, communicate via cell phones, and stake out financial institutions for extended periods, making them difficult to detect. This evolution highlights the need for heightened vigilance from both financial institutions and their members.
For credit union executives, addressing bank jugging requires a multi-pronged approach. Firstly, enhance physical security around branches, including well-lit parking lots, visible security cameras, and clear sightlines. Consider reviewing security camera footage for suspicious individuals or vehicles loitering for extended periods. Secondly, implement robust internal training programs for all employees, from tellers to loan officers. This training should cover how to recognize potential “juggers” observing the premises, best practices for discreetly handling large cash withdrawals, and consistent messaging to members about personal safety.
Credit union employees are uniquely positioned to be the first line of defense in protecting members from this threat. When a member makes a large cash withdrawal, discreetly offer them a plain, unbranded envelope or bag for the cash. Advise them to be aware of their surroundings, to avoid counting money in public, and to secure cash immediately and out of sight. Crucially, educate members before they even come to the credit union. Utilize your digital channels – website, social media, email newsletters – to share tips on personal safety after a withdrawal: avoid immediate stops, be aware of surroundings, vary routines, and if something feels off, drive to a police station or a busy, well-lit public area. By working together, credit unions can significantly reduce the risk of their members falling victim to this predatory crime.
