Bank Slips Tracker into Stolen Cash (2024)

GPS TRACKING OF STOLEN ASSETS

Have you ever looked at your monthly bank statement and wondered where all the money went? Maybe you could try the successful strategy used by the Chicago Police Department and a local bank. A GPS tracking device was placed inside a bag of stolen cash leading to the quick apprehension of the suspect. When a northwest suburban bank was robbed, police were able to follow the escape vehicle from 12,550 feet, and the stolen money.

Can You Put Trackers in Money?

Yes, there are money GPS tracking devices that may be completely hidden between just two bills of currency. The hidden device can be implanted into a larger stack of bills in a cash drawer or safe.

How Do Banks Put Trackers in Money?

Countless banks use bait money that is wired with a thin GPS transmitter allowing authorities to track the cash in real time, and hopefully retrieve it along with the thieves. GPS trackers have allowed the federal agencies and local authorities to increase an already notable solve rate for bank and cash thefts.

Main Purposes for GPS Tracking Devices

When it comes to money GPS tracking devices, the main reason these are used is to track and recover stolen money in the event of a robbery. The devices are concealed, making it easy to track the location of stolen assets, alert the authorities and retrieve them before it is too late. Still, there are other ways to use GPS tracking devices.

The devices can monitor transfers of assets from bank to bank for example. When armored trucks leave the bank with cash, GPS tracking devices help ensure the money reaches its destination in a timely manner. A money GPS tracking device ensures the vehicle can be tracked quickly in case the truck deviates from its route or takes longer than anticipated. Moreover, the devices can help prevent internal theft by tracking the movement of assets between safes, or from safes to cash drawers and so on inside a building.

Securing a financial institution from robbery is not only about planning. GPS cash trackers ensure assets are carefully tracked after they leave the building.

How Money GPS Tracking devices Work

GPS money tracking devices can be concealed in money bundles or bags, armored vehicles, or even cash machines or ATMs. The devices can easily fit inside envelopes and transportation containers due to their small size. Money tracking devices include bite-size wireless modems that connect to software at a chosen location. Ideally, the devices will already be put in place whether is cash bags, bundles and others as already explained, before a theft takes place. Should a robbery happens, the bank staff alert authorities that are immediately able to track the thieves’ location.

The devices can use geofencing to ensure the driver stays within a preset boundary for armored vehicles. Staff can even use the devices to remotely lock doors, sound alarms, and even monitor gas levels.

Robber gets more than he bargained for…

A GPS satellite tracked robbers thanks to a positioning device hidden inside the money turned over by employees at the Bank of America branch in Des Plaines, Chicago. The police followed the money after the bank robbery with a secretly placed GPS tracker. The details were exposed in police records turned over to the ABC7 I-Team following an Open Records filing.

The investigation report states that authorities were alerted of “a tracking device that was in possession of the suspects, showing the suspects heading southbound from the location approaching Howard Avenue.” According to the authorities, a 32-year-old career criminal Christopher Willis, who had just run-away with the cash, was discovered in the vehicle. Willis concealed his face with a mask and was carrying a gun. However, he was unaware the money GPS tracking device had been hidden in the cash given over by a bank teller, allowing authorities to track the cash in real time.

Numerous companies use GPS cash trackers, and this has resulted in thousands of criminals being taken into custody, and millions recuperated. Money GPS tracking devices have allowed the FBI and local authorities to increase an already extraordinary solve rate for bank robberies. Despite other methods such as cameras, security guards, and dye packs, there are an outstanding amount of robberies every year. According to an FBI Bank Crime Statistics report, the grand total for all violations in 2020 including armored carrier companies was 1,788.

A speedy recovery of the stolen money

The GPS device began transmitting a signal to the Chicago Police Department, who were able to immediately track Willis to his location. Faced with authorities, he drove away after the robbery, and a car chase ensued. When all was said and done, the cash was recovered.

How did the recovery process work?

The banks secure money by placing a GPS tracking device inside a bundle such as a pack of $20 bills. The robbers are usually caught when police track the location of the suspect. Sometimes the thief discovers the device and gets rid of it before police can track him or her though. Fortunately this does not happen often.

Protect your business from theft with GPS tracking

Your business can use a similar GPS tracker technology to help you to protect your unpowered assets. You can use GPS asset tracking to protect your fleet and non-powered assets. GPS Trackit offers a 5 year battery powered tracker to keep track of the equipment you care about most.

Vehicle and equipment theft hurts your business through lost revenue, missed customer service calls, higher insurance premiums, loss of productivity, and driver and vehicle downtime. If a non-powered asset is lost or stolen, you face the added cost of renting or purchasing replacement equipment. You can use this GPS Trackit device to to protect generators, construction equipment, tool storage boxes, freight containers and farm equipment.

If you’d like to learn more about how GPS Trackit can help to improve safety, increase productivity and reduce costs for your business, speak with one of our knowledgeable Fleet Advisors at 866-320-5810 or get a quick Custom Quote.

Sources:

https://pegtech.com/tracpac/

https://abc7chicago.com/des-plaines-bank-robbery-il-news-of-america/5719040/

https://www.brickhousesecurity.com/finance/gps-tracking

https://capitalcounselor.com/bank-robbery-statistics/

https://www.fbi.gov/file-repository/bank-crime-statistics-2020.pdf/view