When it comes to financial fraud, no technology is building cases faster than facial recognition. Having relevant video evidence at hand in cases of identity theft and fraud is making a huge impact in financial institutions to prevent and combat fraud.
Last week, Reuter’s ran an article featuring 3VR’s Al Shipp and Member’s 1st Credit Union’s AVP of Fraud and Security, Chip McBreen, discussing how facial recognition has delivered results for the credit union in building cases and preventing crime. McBreen described a specific case where his team was able to identify a fictitious driver’s licenses using facial recognition technology and quickly turn in the information in to law enforcement.
Facial recognition technology is beginning to be used more widely and has already proven extremely effective when used at ATMs and bank teller windows. When a face is captured on surveillance video, facial recognition analytics can be used to search across a database of an entire network of cameras owned by the financial institution. 3VR’s Video Intelligence Platform allows clients to search by face, license plates and even objects by specifying color and size. This is extremely important for fast case building, as McBreen stated to Reuter’s, "It (facial recognition) allows me to search for it (the image) very quickly and produce that for law enforcement."
While 3VR technology doesn’t tie a specific name and face together, it can build a case when a string of suspicious transactions have occurred by searching for the suspected fraudster’s transactions using facial recognition and by integrating the analytics with ATM and teller transaction information.
Using these tools, security and loss prevention specialists can build a fraud case of video evidence to present to law enforcement and relieve the customer, whose identity has been stolen, of the burden of proving that they did not make the fraudulent transactions. In this way the bank’s security is using biometric to data to protect the privacy of their customers’ information.
To learn more about increasing investigative efficiency using facial recognition, take a look at Facial Recognition and Other Tactics in Modern Video Security.
For more information on 3VR’s Video Intelligence Platform, visit us here.
Read the Reuter’s article here.