Flaws in banks’ security in Egypt

CAIRO 16 July 2017: After a gunman made away with LE 900,000 from the Egyptian Exchange Co., a subsidiary of Banque Misr, security experts discuss the flaws of banks’ security.

Earlier on July 12, an unidentified gunman robbed a currency exchange company.

According to a security official, the gunman stole LE 1.1 million. However, Mohamed al-Eterby, head of Banque Misr, said the amount stolen was LE900,000, according to a report on Egypt Independent’s website.

In this manner, Magdi al-Bassiouni, former assistant to the minister of interior, said that security guards posted in front of banks are not physically or mentally prepared to confront armed gangs.

He exclusively added to Youm7 that private companies must take over the process of securing banks since they have trained personnel and modern technology to prevent or respond to any armed attack.

Bassiouni called for building "Boom Barriers " in front of banks and equipping security guards with the latest weapons.

Sherif Khalid, Chief Executive Officer and Managing Director of Falcon Group,
told Youm7 that the company has recently worked on securing a number of private banks using technological means.

Bank robbery crimes are divided into two types. The first aims at stealing money from the bank, while the second one is intended as a terroristic act that aims only to kill or steal the banks’ security guards, clarified Khalid.

Falcon Group is an Egyptian joint venture company that provides all types of security services.

“Competent persons should be selected to protect and secure banks,” said security expert Rashid Baraka.

This is not the first bank robbery incident. Earlier in March last year, unidentified individuals had stolen from the Development Bank located in the Abu Hammad Center in Sharqiya.They also slaughtered the man who was responsible for securing the bank when he resisted them.