Friday, April 20, 2018

Investing in your own peace of mind: how video surveillance solutions help ensure banks security

video surveillance for banks

Specialized magazine “Settlements and operational work in a commercial bank” in its April issue published an article “Modern possibilities of video monitoring: what an “intelligent” system should be able to “, prepared by the head of the Business Development Department of BS/2 – Daniel Fukson.

Specialized magazine “Settlements and operational work in a commercial bank” in its April issue published an article “Modern possibilities of video monitoring: what an “intelligent” system should be able to “, prepared by the head of the Business Development Department of BS/2 – Daniel Fukson.

Among other things, the article explains in detail how and why modern banks should protect their self-service devices (ATMs, payment kiosks and other terminals) using modern security solutions, for example, the ATMeye.iQ system.

What to expect from the solution provider?

From the point of view of business optimization, it is very achievable to protect up to several thousand ATMs with the help of modern software within the same network. In recent years, the software applications for ATMs have been developing particularly actively. Basic functionality of self-service devices does not satisfy all the needs of banks for a long time. Financial institutions strive, on the one hand, to provide the customers with additional services: the ability to pay for various services, make currency exchange and other operations and on the other hand, to spread targeted advertising during the execution of standard operations on the ATM.

In this situation, the video monitoring system should be fully compatible with the latest version of the software application for the self-service devices, protecting the equipment and personal data of the bank’s customers, regardless of the type and models of the ATMs. The business model of interaction with the software provider also plays a big role. The distribution of software licenses for self-service devices directly from the server provides partner banks with a tool for easy software licenses management and makes their relationship with the software provider more transparent. In addition, this functionality allows you to manage more effectively the delivered software and reduce the cost of using the solution.

What banks’ problems could be solved using video monitoring?

Let’s list a few particularly acute problems that could and should be resolved with the help of different types of ATM video monitoring:

1. Settlement of disputable situations, when the ATM did not give the client the entire requested amount. This could be a fraud on the client part: he took some of the money, left the rest “as if he had not had time to pick up” and they allegedly got into a special “reject/retract” cassette or, in fact, the total amount for some reason was not issued. In this case, the installed shatter’s camera will help you figure out what came wrong.

2. Data Comparison. CCTV systems using digital technology can provide photo and video recording of events occurring during any operation with devices. Snapshots overlaid with timestamps and evidences, which are very useful in the search for video materials concerning specific banking transactions and images of individuals.

3. More effective response. Thanks to the modern technology, ATM security cameras and alarm systems can be integrated into a single network. The software provides several scenarios for responding to various criminal actions such as the use of a counterfeit card, the closing of a camera, an attempt to install a skimming device, the tilt of the ATM and attempts to steal it, but in any case, an alert is sent to the monitoring center.

4. Providing information about criminals. Correct setting up of a bank’s video surveillance system can help prevent illegal actions or, if they happened, provide fixed photo or video images to security services and law enforcement agencies.

5. Centralized system of video surveillance. Modern video surveillance systems allow the transfer of information from many data sources to the monitoring center, thereby facilitating the work of customer service centers, security services, system administrators and service providers.

6. Recognition and use of images. CCTV systems with advanced video analytics and the use of biometric data can be used to identify individuals from the “black list” or criminals.

7. Prevention of threats. AI-software of video surveillance systems with functions of face recognition, movement and behavioral characteristics can be effectively used to detect suspicious or abnormal activity, thus helping to protect bank assets and bank customer data.

8. Increase customer loyalty. The safer the bank, the more confident its customers are. An effective bank’s video surveillance system plays great role for increasing the security sense and thus, loyalty. Statistics state that if a card is stolen or the account is hacked, 40% of customers do not use the newly issued bankcard, and the bank thus loses the customer (Diebold Nixdorf, 2017). Despite the fact that video monitoring systems cannot physically prevent the breaking of databases, they are very effective for identifying criminals and the attempts to use stolen card data through ATMs.

Full version of the article “Modern video monitoring capabilities: what a” smart “system should be able to do” is available on the journal’s website in Russian. More information about the ATMeye.iQ solution can be found on the product page or by consulting our specialists.