Page 54 - Security Today, February 2017

For example, an investigator reviewing a potentially fraudulent check deposit can use video to watch the transaction happen. If they see that a man deposited the check, but the account is held in a woman’s name, they will likely assess the transaction as high risk, put a hold on the funds and capture an image of the man for further investigation. Alternately, if the video tallies with other de- tails of the transaction, they can more easily determine that it was legitimate and the customer will see the funds in their account as expected, with no surprises or unexpected account holds.
As every financial institution recognizes, while no customer wants to be the victim of fraud, most are quick to contact their bank to complain when they cannot access money in their ac- count. Some might even switch banks entirely if incidents happen more than once or are particularly inconvenient.
A Clear Visual Record
Video can also play a critical role in helping resolve customer disputes, providing investigators with a view into what actually happened during an incident.
Perhaps a customer reports that their bank card is missing and was used to withdraw funds from their account, but the bank can see that the transaction in question was made using the correct personal identification number (PIN). The investigator can also see that the ‘stolen’ funds were withdrawn immediately after the customer’s last transaction. It’s then quite easy for the investigator to review recorded video to confirm their suspicion that the cus- tomer left their bank card in the ATM after retrieving their money. Because the customer session wasn’t completed, the next person in
line was able to withdrawal additional funds from the customer’s account before the machine captured the forgotten card.
Thanks to the video evidence, the investigator is able to verify exactly what’s transpired in the case and provide a detailed report to ensure that the bank can resolve the dispute in a timely manner.
Clearing Cases Quicker
Combined with the existing systems fraud investigators already use to assess risk, video delivers visual evidence that can help clear cases faster, lower false positives and increase the returns on video surveillance investments.
If your bank or credit union is not leveraging this valuable as- set already, now is the time to get the discussion started. If you’re a fraud investigator, video represents a powerful addition to your investigative tool belt. If you’re a security professional, extend- ing access to video internally will mark you as a thought leader, and could result in a cost-sharing arrangement to support more advanced video surveillance technology.
The bottom line is that video is a source of information finan- cial institutions are already collecting. The
challenge is to leverage it more extensively to
help improve customers’ experiences, better
protect assets and compete more effectively in the dynamic financial landscape.
Daniel Caggiula is the banking solutions
manager at March Networks.
1, 2, 3 Source: 2016 Faces of Fraud, Information Media Security Group
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