Bank captures 80 times more security video and lowers fraud rate with intelligent surveillance
3VR Security, a provider of intelligent surveillance and search, announced customer Union Savings Bank has successfully leveraged 3VR's powerful search-based surveillance and advanced analytics technology to capture 80 times more usable security video and maintain one of the industry's lowest fraud rates.
“We're very proud of the protection we provide our customers and employees,” said Bill McNamara, Senior VP, Union Savings Bank. “3VR is a core element of how we maintain dramatically lower fraud rates than our peers.”
Union Savings' use of technology, including 3VR's intelligent surveillance platform, in addition to strong employee education and sound security practices, has led the bank to experience much less crime than many other suburban banks in the Northeast. Although Union Savings does not release its fraud statistics, the addition of 3VR has helped the bank significantly reduce fraud to a level that is much lower than typical industry averages.
Union Savings Bank has deployed 3VR SmartRecorders in every one of its 18 branches. As a result is capturing 80 times more usable security video. 3VR's high video quality, rapid searchability, analytics and case management tools have also simultaneously expedited and lowered the cost of investigations. Using 3VR technology, security personnel are able to pinpoint the relevant video to identify potential criminals and research perpetrated crimes, rather than search through hours of footage to gather the necessary information. Once the evidence is turned over to the police, it is more relevant and of superior quality, making the cases more enforceable.
In light of the success of the branch-level deployment, Union Savings Bank has installed the 3VR solution to bolster the security of its new corporate headquarters. With 3VR's unique license plate recognition capabilities, the solution is able to capture the license plate of every car that enters or exits the parking lot, enabling security staff to easily identify and locate any vehicle of interest.
“We are committed to keeping our security systems up-to-date with the most current and sophisticated technology, and 3VR is an integral part of our approach,” said Bob Paquette, Senior Security Analyst, Union Savings Bank. “The system allows us to research and pinpoint questionable activities and do so in an effective and timely fashion. The 3VR solution is more efficient and effective than any other system we have ever employed here at the bank.”
“Union Savings is leading the way for other financial institutions by leveraging the most advanced technology on the market to secure both its branch locations and its corporate headquarters,” said Al Shipp, CEO, 3VR. “They've taken a savvy, proactive approach to improving their security operations that has been very successful, and their dramatically low fraud rate speaks for itself.”