News

NY law requires banks to retain ATM surveillance tapes longer

September 23, 2003

NEW YORK - New York's banks will have to retain ATM surveillance tapes for 15 more days under legislation approved by Gov. George Pataki.

According to a report in the Albany Business Review, the new law expands to 45 days the length of time financial institutions will have to hold on to the video tapes from their security cameras at ATM locations. The measure is designed to combat ATM fraud, according to the governor's office.

"This common-sense amendment will help law enforcement authorities and banks fight identity theft and fraud at ATMs throughout New York State," Pataki said in a written statement. "In some cases it may take up to a month or more for banking customers to realize that they've been victimized. The additional 15 days will provide them with more time to review their records and statements and report any problems to their bank."

The new law requires banks to install security cameras at ATMs and record everybody who enters an enclosed facility or all activity that takes place within a certain distance of an exterior ATM location, according to the Business Review.

The banking industry was notified of the new law in July so that it would be ready to implement the change when the governor signed the bill, according to state superintendent of banks Diana L. Taylor.

New York's ATM Safety Act of 1996 mandated the installation of video cameras at ATMs and the installation of card-entry locks at all indoor terminals.