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

  • Video Surveillance Trends to Watch

    With more organizations adding newer capabilities to their surveillance systems, it’s always important to remember the “basics” of system configuration and deployment, as well as the topline benefits of continually emerging technologies like AI and the cloud. Read Now

  • New Report Reveals Top Trends Transforming Access Controller Technology

    Mercury Security, a provider in access control hardware and open platform solutions, has published its Trends in Access Controllers Report, based on a survey of over 450 security professionals across North America and Europe. The findings highlight the controller’s vital role in a physical access control system (PACS), where the device not only enforces access policies but also connects with readers to verify user credentials—ranging from ID badges to biometrics and mobile identities. With 72% of respondents identifying the controller as a critical or important factor in PACS design, the report underscores how the choice of controller platform has become a strategic decision for today’s security leaders. Read Now

  • Overwhelming Majority of CISOs Anticipate Surge in Cyber Attacks Over the Next Three Years

    An overwhelming 98% of chief information security officers (CISOs) expect a surge in cyber attacks over the next three years as organizations face an increasingly complex and artificial intelligence (AI)-driven digital threat landscape. This is according to new research conducted among 300 CISOs, chief information officers (CIOs), and senior IT professionals by CSC1, the leading provider of enterprise-class domain and domain name system (DNS) security. Read Now

  • ASIS International Introduces New ANSI-Approved Investigations Standard

    • Guard Services
  • Cloud Security Alliance Brings AI-Assisted Auditing to Cloud Computing

    The Cloud Security Alliance (CSA), the world’s leading organization dedicated to defining standards, certifications, and best practices to help ensure a secure cloud computing environment, today introduced an innovative addition to its suite of Security, Trust, Assurance and Risk (STAR) Registry assessments with the launch of Valid-AI-ted, an AI-powered, automated validation system. The new tool provides an automated quality check of assurance information of STAR Level 1 self-assessments using state-of-the-art LLM technology. Read Now

New Products

  • Automatic Systems V07

    Automatic Systems V07

    Automatic Systems, an industry-leading manufacturer of pedestrian and vehicle secure entrance control access systems, is pleased to announce the release of its groundbreaking V07 software. The V07 software update is designed specifically to address cybersecurity concerns and will ensure the integrity and confidentiality of Automatic Systems applications. With the new V07 software, updates will be delivered by means of an encrypted file.

  • Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

    Connect ONE®

    Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

  • 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.