Automation in Bank Surveillance and Fraud
By Matt Tengwall
Posted in Customer Engagement
Although we're seeing an increase in its use and function, the term automation is not an entirely new concept.
It is an evolving process that adapts as technology develops; it started with data and application integration, moved to rules-based process automation, and now has manifested into analytic insights that drive actions and tasks. The term is defined as the use of artificial intelligence (AI) and analytics to automate functions previously performed by humans.
Advances in AI have helped to increase the value of automation, allowing the use of natural language processing, machine learning and vision analytics. Machines can now mimic cognitive functions associated with human minds in order to understand context, needs, emotions and actions. Automation provides innovative opportunities to a variety of markets—autonomous vehicles, healthcare and factories to name a few—and its valuable role in securing financial institutions is no exception.
Any process that can be automated contributes to a cost-effective, proactive security approach. The bank and credit union security teams can dedicate their time and effort to more relevant tasks since automation allows for certain operations to be completed on their own and in a timely manner. For example, automated camera verification enables users to save on hours of manual validation every year. Additionally, automated firmware uploads ensure that security cameras and NVRs are up-to-date with the latest version released, reducing the risk of a cybersecurity event.
Combining AI and video also creates a powerful tool when it comes to investigating and deterring fraud. As threats become more complex and their implications more severe, automation must be used to improve overall security and increase response time. Investigators can automatically identify when a known fraudster has entered a branch or series of branches, identifying a higher value of fraud loss and improving the likelihood of prosecution by law enforcement.
In the case of other security incidents, such as a break-in or an armed robber, instant notification is necessary to react as soon as possible and mitigate the threat. Automation in security centers facilitates automatic alerts that meet multiple criteria—and within evidence centers, this can drastically lower the investigation time.
The future of automation is bright, as financial organizations will continually innovate and modernize their security processes to address today's changing risk environment. The possibilities automation presents and its use in various applications will only increase and continue to work alongside security professionals to strengthen surveillance technology and elevate fraud investigations.
Learn how Verint can help your bank automate its security and investigative functions.
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