Source: 3VR Security
3VR Security, the pioneer in searchable surveillance systems, today announced that Bank of Hawaii Bank has selected its award-winning 3VR Searchable Surveillance System for Banks as part of a strategic program to combat fraud.
The 3VR system indexes video from traditional surveillance cameras and then analyzes images by using facial biometrics to proactively identify and stop known fraud suspects before fraudulent transactions take place.
"Bank of Hawaii is committed to proactively fighting fraud and protecting customer assets," said Brian Ishikawa, Vice President and Director of Corporate Security at Bank of Hawaii. "3VR Searchable Surveillance Systems for Banks helps us effectively monitor for known criminals and individuals on watch lists to prevent fraudulent transactions from occurring. Additionally, we can now share watch lists across branches to defend against fraud threats throughout the entire system. The video search capability allows rapid investigations of incidents."
According to industry estimates, banks lose approximately $5 billion dollars annually due to over-the-counter check fraud. Perpetrators who assume multiple identities to defraud geographically distributed branches represent one of the largest vulnerabilities in bank fraud. Traditional systems use video solely to capture video as forensic evidence for a specific reported fraud transaction. 3VR has pioneered a new approach by alerting bank personnel when a known fraud suspect enters a branch, often preventing a fraudulent transaction from taking place. Additionally, by making surveillance video searchable for human and other activity, the 3VR system enables instant searches for individuals and activity. The 3VR platform aggregates and shares fraud watchlists and data across branches for a coordinated defense and for highly efficient investigations. Additionally, external watch list and data sources can be integrated with the system to further defend against repeat offenders.
"Aggressively fighting fraud and protecting customer assets is a key priority for retail banks," said Stephen Russell, CEO of 3VR Security, Inc. "We are proud to be working with Bank of Hawaii in the fight against fraud. Together we intend to set a new standard for fraud detection and loss prevention in retail banking."
The 3VR/Bank of Hawaii program has launched with a significant deployment across Bank of Hawaii branches.