Bank Robberies in Colorado: A Growing Concern Despite Decline Nationwide

Even though bank robberies have decreased across the country in recent years, Colorado still holds one of the highest rates of these incidents. This situation is troubling for local bank owners, who have reported a rise in robberies recently.

As detailed in a FBI report, Colorado saw 104 bank robberies in 2023, ranking it third in the U.S., behind California with 192 and Illinois with 116.

Jennifer Waller, who leads the Colorado Bankers Association, mentioned that this isn’t a new issue for the state.

“Unfortunately, Colorado has always had a high rate of robberies,” she remarked. “It seems like we’re always competing with California and a few other states for that top spot.”

While the total number of robberies has dipped since 2021—when there were 191—Waller noted that the trend might be reversing once more.

“About a year ago, we believed we saw a significant uptick,” she said. “Some of our member banks have recently reported a slight rise again.”

This sentiment is shared by law enforcement agencies throughout Colorado. For example, in Aurora, police recently dealt with an armed bank robbery, which showcases how quickly these situations can escalate.

On September 24, officers were dispatched to a BMO Bank branch where a man had threatened a teller with a gun to demand cash.

A representative from the Aurora Police Department described the incident: “A man entered, went directly to the middle counter, brandished a gun at the employee, and demanded money.”

The suspect escaped with about $1,000, but detectives identified him as 41-year-old Matthew Procella. Thanks to a license plate reader, law enforcement located his vehicle three days later and arrested him without incident.

Although Aurora police don’t track bank robbery stats separately, they highlighted that overall robberies are down by 36.3% this year, while arrests have surged by 40%.

When asked about the factors behind this increase in robberies, Waller acknowledged the issue is multifaceted and lacks a straightforward explanation.

“I’ve often wondered if the easy access to highways might encourage bank robberies here,” she mused. “But honestly, I can’t pinpoint the exact reason. The economic downturn could also be a factor—something we’ve seen in the past.”

In response, Colorado banks are taking measures to enhance security for both customers and employees. Many of these upgrades, accelerated during the pandemic, are now permanent features.

“Banks are incredibly proactive. The safety of our customers and employees is our top priority in any robbery situation,” Waller stated. “We’ve implemented measures like locking bank doors, requiring customers to gain access to enter.”

Additionally, institutions are investing in technology such as dye packs, advanced surveillance cameras, and ongoing employee training. Some banks have even opted to employ armed guards as extra protection.

Despite the high numbers, Waller pointed out that most bank robberies in Colorado are nonviolent.

“Most robberies, both in Colorado and nationwide, involve a promissory note and are non-violent,” she explained. “Often, the robber doesn’t even display a weapon.”

However, even nonviolent robberies can leave lasting psychological effects.

“Bank robbery is not a victimless crime,” Waller remarked. “Staff and customers all experience some level of stress, regardless of the method.”

While physical robberies remain a major issue, fraud and scams are also on the rise, particularly regarding check laundering and organized crime that exploits vulnerable people into cashing fraudulent checks.

“I have to say, I’m surprised—we’re seeing a surge in old-school check laundering,” Waller noted. “Law enforcement has linked it to organized crime.”

Moreover, Colorado is witnessing a troubling trend called “jugging,” which involves robberies occurring after individuals withdraw or transport cash—a pattern once more common in other states.

“We’re now starting to see that here in Colorado,” Waller said. “We remind customers to stay alert and avoid leaving bank bags in their vehicles.”

Banks and law enforcement are launching educational campaigns to raise awareness about safe cash handling and vigilance.

Waller commended the partnership between the FBI and the Rocky Mountain Safe Streets Task Force, highlighting its significance for financial institutions.

“The FBI has been incredibly supportive,” she stated. “The task force has done excellent work in identifying and prosecuting bank robbers. We’re thankful for their assistance.”

Waller mentioned that historically, around 80% of bank robberies are solved within two years, but she did not have current figures.

For customers who may find themselves in such a situation, Waller suggests straightforward but critical advice.

“Just comply with what the robber demands immediately,” she recommended. “Afterward, write down everything you can recall, ideally without discussing it first, to avoid altering your memory. The most important thing is that customers should never try to intervene.”

As banking crimes evolve, Colorado’s financial institutions are adapting, striking a balance between technology, vigilance, and customer safety.

“The safety of our customers and employees remains our utmost priority,” Waller emphasized.

While Colorado might not currently lead the nation in bank robberies, the rise of new criminal schemes and fraudulent activities continues to pose a significant concern that state financial institutions are actively monitoring.