I'm guessing LoJack hasn't moved into that market yet?
Banks aren't very well managed here (at least from what I've seen from the IT side), so they're probably skimping on the security.
Edit: Along the same track, I wanted to comment on one of the points made on StackExchange by Kaz:
Today's ATMs may be more secure than yesterday's ATM's, but the track record has been spotty.
fake ATMs have been set up by criminals and used to duplicate bank cards and collect PINs. This takes advantage of the fact that whereas ATMs authenticate users via cards and PINs, users simply trust that ATMs are real by their visual appearance and bank logos.
genuine ATMs have been outfitted with criminal equipment to collect PINs, in response to which ATMs had to incorporate new physical measures.
A band did this recently, but only managed to steal U$ 20.000 before being spotted. They installed skimmers on 5 ATMs on popular places.
Another guy managed to steal U$ 450.000, but was captured (news in Spanish).
http://www.montevideo.com.uy/notnoticias_133463_1.html
An example from Brazil (in Spanish, but with very clear pictures):
http://www.taringa.net/posts/offtopic/4349623/Estafa-en-Caje...
ATMs have been simply ripped out and hauled away by criminals.
This happens a lot here, as mentioned.
ATMs are open 24 hours a day and in deserted areas, creating opportunities for criminals to coerce victims into extracting cash. Prior to the ATM, it was not possible to kidnap someone at knifepoint and take them to a bank and 3 in the morning in a seedy part of town.
This is scarily common (that is, it happens often enough not to make the headlines) in Argentina, and has happened several times in Uruguay.
Example from January (in Spanish), it only makes for a footnote in the Crime News section:
http://www.clarin.com/policiales/secuestran-Liniers-llevan-r...
As a general observation, new security measures introduced in banking usually tend to be designed to protect the banks from liability, rather than the safety of customers or their capital.