Simplify, Automate and Modernize

Simplify, Automate and Modernize

Three words to consider for security success in the banking segment

The banking market continues to evolve due to the growing use of mobile devices, as more branch operations aim to enhance convenience and service for the customer. These advancements also create greater opportunities for fraud and loss. Increasingly sophisticated fraud techniques require organizations to pursue new approaches to preventing and detecting such activities.

One such leading financial organization has taken a proactive approach to fraud reduction and security, and the results of their efforts speak for themselves. I was grateful to recently spend some time with the bank’s security and safety teams, and am honored to help share their story.

A Leader in Banking

VyStar Credit Union was founded in 1952 as Jax Navy Federal Credit Union to serve civil service, military employees and their families at Naval Air Station in Jacksonville, Fla. Today, VyStar has grown to become one of the largest credit unions in the nation, serving more than 500,000 members nationwide with 118 remote ATMs and 51 branches.

Financial institutions face a number of challenges on a day-to-day basis, requiring innovative technology that boosts efficiencies, reduces fraud, and enhances service for customers. VyStar has relied on advanced video surveillance for years but wanted to enhance its capabilities. Its previous solution was also no longer able to support the organization’s video retention requirements.

“We wanted to upgrade to a solution that would support a hybrid mix of both analog and digital video cameras,” said Kevin Owens, vice president of security and safety at VyStar Credit Union. “We also knew that we wanted a secure platform to limit cybersecurity risks, enhance video capture with analytics, and ease the complexity of ongoing maintenance.”

VyStar selected Verint EdgeVR and Op- Center to manage video surveillance and data capture across its branches. EdgeVR is an enterprise-class, IP-based network video recorder designed for large-scale, geographically distributed operations. With hybrid IP/ analog capabilities, it empowered VyStar to migrate from analog to IP for greater longterm value and lower integration costs. It also provided high-quality imagery, optimized bandwidth utilization, a secure embedded operating system, and industry-leading system interfaces to deliver increased ROI.

Op-Center allows Vystar and its team to monitor, manage and troubleshoot Verint NVRs from a central location. By adding Op-Center, VyStar Credit Union realized centralized capabilities and reduced the cost and complexity of video system management. From a central console, users can configure NVRs, change device properties and passwords, download firmware, create audit reports, and manage user rights. The solution also enables VyStar to rapidly identify potential malfunctions and camera obstructions with remote diagnostics for large NVR deployments. Now, operators can monitor the health of the entire surveillance network, allowing them to prevent video loss and maximize uptime.

“It is critical for us to leverage intelligent security tools that allow us to achieve the video coverage necessary to reduce fraud,” Owens said. “Combatting fraud is our most significant directive. With Verint, we are able to capture video and tie it to our transaction system to better identify anomalies. Verint is also valuable from a safety perspective. It helps us identify slip-and-fall events and critical security incidents and we are able to ensure long-term capture of that video to be used in later investigations if necessary.”

Video analytic capabilities have been a valuable addition to VyStar’s fraud mitigation toolbox. The bank can now search through footage more easily and locate persons of interest at various locations. Analytics also enable operators to address any red flags or suspicious activity in a much more rapid fashion.

Additionally, Owens noted that the ability to combine information from systems has provided VyStar with an 85-percent time savings over manual methods. “This is exceptional,” he said, “because we all know time is money.”

Looking to the Future

VyStar is a great example of a bank that is leveraging processes and technology to simplify, automate and modernize their operations. As we can see through their efforts, technology is a great force multiplier that helps secure a branch footprint, alleviates risk, ensures operational compliance, and improves fraud investigations.

As we continue to past the first quarter of 2019, we expect to see Big Data analysis, video analytics, and IoT-powered devices allow banks to investigate threats in an even more intelligent manner and generate actionable intelligence from collected data points to achieve their strategic intelligence and business objectives. Organizations like VyStar will be well-positioned to benefit from these new trends.

This article originally appeared in the April 2019 issue of Security Today.

Featured

  • Mall of America Deploys AI-Powered Analytics to Enhance Parking Intelligence

    Mall of America®, the largest shopping and entertainment complex in North America, announced an expansion of its ongoing partnership with Axis Communications to deploy cutting-edge car-counting video analytics across more than a dozen locations. With this expansion, Mall of America (MOA) has boosted operational efficiency, improved safety and security, and enabled more informed decision-making around employee scheduling and streamlining transportation for large events. Read Now

  • Security Industry Association Launches New “askSIA” AI Tool

    The Security Industry Association (SIA) has unveiled a brand-new SIA member benefit – askSIA, a conversational AI agent designed to help users get the most out of their SIA membership, easily access SIA resources and find the latest information on SIA’s training and courses, reports and publications, events, certification offerings and more. SIA members can easily find askSIA by visiting the SIA homepage or looking for the askSIA icon in the top left of webpages. Read Now

    • Industry Events
  • Industry Embraces Mobile Access, Biometrics and AI

    A combination of evolving workplace dynamics, technology innovation and new user expectations is changing how people enter and interact with physical spaces. Access control is at the heart of these changes. Combined with biometrics and AI, mobile access control has become increasingly crucial for deploying entry solutions that are seamless, secure and adaptive to user needs. Read Now

  • Sustainable Video Solution Delivered for Landmark City of London Office Development

    An advanced, end-to-end video solution from IDIS, with a focus on reducing waste and costs, has helped a major office development in the City of London align its security with sustainability objectives. Read Now

  • DHS to End ‘Shoes-Off’ Travel Policy

    Homeland Security Secretary Kristi Noem announced a new policy today which will allow passengers traveling through domestic airports to keep their shoes on while passing through security screening at TSA checkpoints. Read Now

New Products

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.

  • Compact IP Video Intercom

    Viking’s X-205 Series of intercoms provide HD IP video and two-way voice communication - all wrapped up in an attractive compact chassis.

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening.