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GPS Units Used in the Banking Industry

written by: Brenda Barrett•edited by: Daniel P. McGoldrick•updated: 10/28/2010

Can you imagine how different the story of Robin Hood might have been if the king's gold sacks had GPS devices hidden in them? GPS devices are making a difference in several banking stories these days and this technology has revolutionized how banks transport and ensure the safety of their money.

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    Criminals are certainly not big fans of banking GPS devices. Technology is on a roll, devices appear smaller and feel lighter than their counterparts of just three or four years ago. To see these changes check your handheld GPS devices from 2008 with those from 2010. Its amazing that these units are just going to keep getting smaller and lighter. This is due to nanotechnology or ‘nanotech’, which is basically developing new materials on the nanoscale. One nanometer (nm) is one billionth of a meter. Which basically means... very tiny.

    The marriage between the GPS navigation systems and nanotechnology has reaped several benefits for business and personal use. The banking industry in particular has found several uses for GPS units and used them to successfully track their vehicles, track money, and regulate automated teller machines.

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    GPS Tracking for Armoured Vehicles

    Transporting money throughout the banking system is serious business, GPS tracking systems can provide location, speed, and direction information to a central post when vehicles are on a particular route. If anything goes amiss, security can be alerted immediately and directed to the exact problem spot using GPS tracking coordinates.

    Other GPS tracking features include: geo-fencing, which ensures that the driver stays in a preset electronic boundary, temperature sensor which gives “live" fuel tank readings remotely and remote location tracking where a manager from another location can lock or unlock doors, trip alarms, and do several things remotely using the GPS technology.

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    GPS Money Trackers

    This is where GPS technology has become even more sophisticated and has successfully foiled several bank robbers from benefiting from stolen loot. In the banking industry, live GPS tracking devices are placed on cash bundles or boxes so that money can be traced to and from armoured vehicles and vaults. These tracking devices use tiny wireless modems which are small enough to be placed on and among cash, in transport bags, in vinyl envelopes, or in a transport container. These devices transmit GPS tracking locations in the same way as a car tracking system.

    The latest money trackers can be innocuously placed on money, these money trackers are so small that they are easily attached to the currency. In the teller's drawer the device remains inactive. However, when removed to a magnetic field or reading field, the device is activated and security is alerted that it is on the move and then it can then be tracked using GPS technology. For more about that, read GPS Criminal Tracking.

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    Automated Teller Machines

    Security companies utilize GPS for automated teller machines especially in remote areas. Theft of these machines is not as widespread, but measures are in place to use GPS tracking to locate machines if they're stolen. Additionally, the banking industry is looking at ways to solve the loss or theft of bank cards, although these plans are only in the embryonic stages, they will soon involve GPS tracking capabilities on ATM and credit cards.

    GPS technology can facilitate the smoother running of banks and other financial institutions and they are very much in use especially with anti-theft measures.