Page 52 - Security Today, February 2017

See What
You’re Missing
Leveraging video for banking fraud investigation
BFy Daniel Caggiula
raud prevention, it’s time to get better acquainted with your security team. You may see them in the hallways, have a coffee with them in the breakroom, and possibly join them on the dance floor at your annual holiday party. But when it comes to sharing
valuable video data that can help investigation teams assess risk faster and more accurately, fraud prevention and security still re- main largely siloed in many of today’s financial institutions.
Despite the current fraud tools these organizations have already deployed, 43 percent report that their systems are so separate, they have no view of customers’ activities across their entire enterprise1. Further, 66 percent of respondents identified “controls that do not talk to one another among different parts of the organization” as the top barrier to improving anti-theft outcomes2.
And setting aside the billions of dollars lost to fraud each year, banks and credit unions are keenly aware of the non-finan- cial impacts to their business. These include loss of productivity, reputational impact, negative customer experiences, and possible regulatory or other compliance issues3.
Why Video?
Video is often overlooked when it comes to fraud analysis, yet it is the only data source that enables investigators to actually ‘see’ a transac- tion happen, including who conducted it and how they appeared.
A video clip can reveal overtly fraudulent actions, like a skim- mer being installed in an ATM. It can also expose behaviors or body language that would likely prompt further investigation, such as someone who seems nervous, secretive or is attempting to hide their identity. An investigator reviewing video of a flagged transaction might even recognize someone who has committed fraud in the past.
What’s more, the vast majority of financial institutions today already have video surveillance solutions installed in their retail branches, ATMs and corporate facilities for security purposes. Some have gone further by deploying intelligent video solutions that integrate seamlessly with transaction data to support enter- prise-wide search and investigation capabilities.
So, even from a monetization perspective, it simply makes sense to leverage the video that security teams use every day to help reduce fraud, as well as the time and cost required to inves- tigate these incidents.
Improved Productivity
Of course, a growing number of financial institutions are recog- nizing the value of video for risk analysis and are already sharing it informally between departments. Access to the video system, however, typically remains with the security group, leaving fraud investigators dependent on their equally busy security colleagues to find, download and share the exact video clip they need. Multi- ply that by the number of alerts an investigator must assess every day, and it’s easy to see that this informal process can become pretty inefficient rather quickly.
Ideally, financial institutions should extend video access to their fraud investigation teams to support their ability to action alerts much faster and resolve more cases over time. This requires enterprise-class video management software that makes it easy to partition access by group and individual users to ensure corpo- rate compliance and privacy standards are maintained.
Opening up access to the video system to authorized investiga- tors will not only help improve productivity, it can also lead to an increase in the number of fraudulent incidents being identified by experienced investigators who can spot suspicious behaviors that might otherwise go undetected.
A Better Customer Experience
In addition, using video to improve analysis and decision-making can help ensure a positive customer experience.
An investigator able to leverage video to help determine that a flagged transaction is, in fact, fraudulent, makes it possible for their financial institution to notify potentially affected custom- ers proactively—rather than having a customer discover the fraud themselves. Alternately, using video to help confirm that a trans- action is not fraudulent means that a customer’s transaction can proceed as normal without service disruptions.
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0217 | SECURITY TODAY
BANKING SECURITY