Picture the scene. A forklift commanded by a group of robbers swiftly snatches an ATM from the wall. Up to $350,000 dollars is ripped from the wall in less than two minutes. It is a tale that has dominated the news and has resulted in an estimated $24 million worth of damages to banks and credit unions in Texas alone.
The recent influx of smash and grab ATM thefts snowballing throughout the U.S. has made one thing clear: financial institutions must be prepared to combat security threats through emerging technologies or accept potentially losing hundreds of thousands of dollars. We are still decades away from the in-person banking experience becoming obsolete, so financial institutions need to possess the appropriate reinforcements to successfully deter these crimes. Having the proper technology in place means that criminals will think before they act, which provides banks and credit unions with additional time to react to incidents.
Of course, smash and grabs are not the only physical threat banks and credit unions face. Their overwhelming presence, however, reminds us of the importance of ensuring that financial institutions are covering their security basics. You would be surprised how many smash and grabs have occurred successfully solely because a bank lacked parking lot cameras or a properly installed alarm system.
Regardless of the security threat at hand, proactive protection in banks and credit unions can be achieved through the simple integration of video analytics with existing video surveillance systems. Here are some emerging technologies that all financial institutions must consider to safeguard their customers, employees, and brick and mortar assets.
1. License Plate Recognition
Bank crime typically involves some type of vehicle, so it is crucial that financial institutions are able to identify all incoming and outgoing traffic. What is even more important is that banks possess a video system that will allow them to accurately capture a vehicle’s make, model, and license plate.
License plate recognition provides the accuracy that a financial institution’s existing video surveillance system may lack. Imagine a smash and grab ATM theft has just occurred. What if the associated robbers choose to switch vehicles once they have left a bank’s parking lot, and your cameras are unable to capture this? LPR technology is able to pick up this slack as it is capable of recording license plate information at all hours due to its infrared night vision technology.
Companies are also highly encouraged to sync their surveillance systems so that law enforcement can be alerted when a suspect’s license plate is captured. A financial institution can opt-in to receive these updates as well so that nothing is left to chance.
2. Facial Recognition
Suppose a financial institution wishes to document the identity of every individual entering their building. This sounds like a fairly stressful and detail-orientated task, but it doesn’t have to be. Facial recognition technology records the layout of an individual’s face and assigns a facial signature to each entrant.
Facial recognition is frequently used to manage access control in both a physical and digital environment. When a customer enters a bank, their face will be automatically recorded. A customer’s identity can also be verified when using online services, which can help prevent cybersecurity threats in digital banking.
A branch can also choose to not allow an individual to enter a building unless their pre-saved image matches their current appearance. The technology will compare a consumer’s image to an existing database of faces, which can also be used to accelerate criminal investigations. Investigators are able to search for a particular face within minutes by scanning numerous cameras.
3. Aggression Detection
With 90% of physical aggression occurring in response to verbal threats, bank employees need to be able to respond to security threats before they spiral out of control.
Aggression detection is capable of measuring particular sound patterns associated with emotions such as anger, fear, or coercion. The technology can also measure the rising levels of these emotions as a situation’s intensity increases. These reactions could be associated with high-risk situations, so a display of any of these emotions will trigger an automatic alarm system. These early alerts allow for staff to respond to an incident in real-time.
4. Loitering Detection
We often forget that most criminals begin as suspects. Gang violence, armed robberies, and other malicious activities typically begin in the form of loitering. Detecting this behavior is uncomplicated as existing cameras can be equipped with video analytics that allows companies to spot this behavior as it occurs.
Companies can choose to set minimum parameters regarding the number of people that are considered a threat, how long someone can remain in an area before an alarm is triggered, and can also select which areas of a building to target specifically. These capabilities are worth noting when considering that thieves do surveil ATMs prior to robbing them.
Take a smash and grab connoisseur, for example. This individual may wish to verify whether an ATM is bolted to the wall in order to determine if a particular machine is a prime target. Loitering detection would immediately cause this behavior to cease as a bank or credit union would be notified of this behavior within minutes or even seconds.
And while financial institutions may already be on the lookout for behavior like this, there are presumably countless threats that we currently remain blissfully unaware of. This technology helps banks and credit unions remain on the offensive all while proactively protecting their assets.
The Viability of Video Analytics
Video analytics provide companies with real-time data, which leads to effective decision-making when it matters most. These varied solutions are cost-effective, improve customer satisfaction, and provide banks and credit unions with the peace of mind that they are doing everything in their power to protect their key stakeholders.
These technologies provide financial intermediaries with the ability to assess an array of security risks before they become unmanageable, costly, and potentially life-threatening.
3Sixty Integrated is here to aid banks, credit unions, and other financial institutions develop viable security solutions that will prevent and detect criminal activity. Our team can create customized security applications that will allow your organization to keep your assets safe and secure now and in the future. For more information, click here to schedule a short, 30-minute meeting or call us at (877) 374-9894.