[orca17]

You know, I have seen some of these private vault places in Switzerland and Luxembourg. They look like banks. They aren't in strip malls next to Burger King. I always thought this place was not quite for real.

I drove by and it didn't look all that secure to me.

[m73m95]

I srsly doubt the mafia had anything stored there. They aren't hat dumb.

Being totally anonymous is almost impossible now days...and if it isn't impossible, how do you expect to have any kind of security? This is a perfect example. No records of who owns what box, or what's in it? GREAT (If you're the vault company). Now there is nothing to pay out!.... and your "super secret stash" is gone forever.


Just guessing, but I would say a lot of hookers and drug dealers are broke right now. They know better than to sue, because they would then have to divulge the information that they had a secret lock box, and probably the value of its contents. Not gonna happen. 24/7 vaults win's either way

[ScoopLV]

Originally Posted by m73m95

Just guessing, but I would say a lot of hookers and drug dealers are broke right now. They know better than to sue, because they would then have to divulge the information that they had a secret lock box, and probably the value of its contents. Not gonna happen. 24/7 vaults win's either way

Actually, everybody loses. Who's going to continue using the vault's services now? They'll be out of business in a matter of months. And nobody is going to want to buy the business.

As mentioned, they should have bought a closed bank branch. At least that building already had security measures (big bullet-proof dividers, a vault) in place.

But even then, how can you trust all that ill-gotten loot (drugs and cash) to someone being paid $10 per hour to watch it? I'll bet a couple customers were blabbermouths, and the employees had a good idea which boxes to steal. It was likely a "one criminal act and retire to Brazil" kind of job.

[BBMW]

^
Scoop, I agree with everything, except using an old bank branch. If you really think about it, a bank branch doesn't give you anything.

A normal bank vault is useless to a 24/7 operation. To do it right, you need a customized, highly secure, but easily accessable interior, and have it property staffed by guards with the right training, using proper procedures.

They had none of that.

[Muonic]

Well the customers didn't lose everything.....they still have their anonymity.

[BBMW]

And, I'm guessing most did not get ripped off. I'm guessing they new a particular box or boxes had particular valuables that they wanted, and just hit those. If you kept your mouth shut, and didn't tell anyone what was in your box, you're probably okay (and running over to get your stuff out.)

[capncurry]

Hi, all. I was a former customer of 24/7 private vaults, and I'd like to clear up a few things about how security and vault "ownership" is handled.

First up, it's trivial to establish my ownership of a box - my iris scan is on file, and I've provided a passcode to the vault administrators that I can use to verify my identity. In other words, they can't find the owner of a given box, but a given owner can prove their ownership of a box if they come forward to do so.

Second, there are several layers of security. As a customer, I present a 5-digit key code to the outside door; this lets me in to the foyer. I scan my iris at the first of two security doors, and enter a deadlock room. When the first security door closes behind me, I present my 5-digit code again to the next security door. Now I'm in the "main" vault area where all the boxes are, and I use my two box keys to open my box.

The problem, of course, is that any customer can gain access to the main vault area, and proceed to do whatever it is they want to do. Most places can fill this security gap by knowing whose iris or code got them into the main vault, but the anonymity here makes that information useless. I don't know how they got access to the onsite guard to subdue him, but that could have been any of a number of social engineering techniques. It certainly isn't a "given" that it was an inside job, though I also wouldn't call it implausible or even unlikely.

I don't know how their insurance works - never asked, because I stored things of other than financial value there. It's a shame the business is so likely to get hit so hard - I was a big fan of the place while I was in Vegas. $300 a year for a vault big enough to store the family hard drive backups, duplicate passports & bank cards, and a list of contact phone numbers, that I could get access to at any time of day or night, was excellent fire / disaster insurance for me and mine. The "anonymous" aspect was just neat in that I got to feel like James Bond every time I wanted to tuck something else away.

[m73m95]

Originally Posted by ScoopLV

Actually, everybody loses. Who's going to continue using the vault's services now? They'll be out of business in a matter of months. And nobody is going to want to buy the business.

As mentioned, they should have bought a closed bank branch. At least that building already had security measures (big bullet-proof dividers, a vault) in place.

But even then, how can you trust all that ill-gotten loot (drugs and cash) to someone being paid $10 per hour to watch it? I'll bet a couple customers were blabbermouths, and the employees had a good idea which boxes to steal. It was likely a "one criminal act and retire to Brazil" kind of job.

I can't find the "sarcasm" emoticon


Still though, a shady business (Or one that caters "mostly" to shady customers) wasn't going to end well anyway.

[dynimagelv]

WHAT????? someone as upstanding lookin as MR ELLIOTT....runnin a shady business......say it ain't so Joe.

[mykonos]

The fiasco at 24/7 Private Vaults drives my first posting, maybe helpful to others.

There are over a dozen private vault facilities throughout the country, and they do provide a good and legitimate service for people who want to keep important things safe yet convenient. But like choosing a bad lawyer or heart surgeon, not doing your homework can bring bad results. Unlike other private vaults, 24/7 Private Vaults has a weak security apparatus. For example, their vault is not an industry standard UL-rated vault, but a cobbled-together home-made job. Also flimsy is their single-person night shift, which is when this crime occurred. Could you imagine a bank with only one person on duty?

The benefits of non-bank private vaults are real. Just make sure you choose the right one.