3VR customer Bank of Hawaii is among several regional and national bank chains using Searchable Surveillance in their fight against fraud. "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."
The 3VR Searchable Surveillance System for Banks comprises four elements:
-- SmartVideo - the industry's most advanced video technologies to deliver unparalleled quality while optimizing storage and bandwidth.
-- SmartManager - application suite that brings enterprise management to cases, systems, and watchlists.
-- SmartSearch - event search engine for unmatched efficiency and ease-of-use to remote investigations and evidence review
-- SmartFusion - integration platform for new camera types, analytics, external data sources, and applications.
Check fraud, a key concern in U.S. banks, is on the rise. There were 57,555 reported cases of check fraud in 2005 and about 64,000 in 2006, according to the chief of public affairs for the Financial Crimes Enforcement Network, a bureau within the U.S. Department of the Treasury. Check fraud has been linked to organized crime and terror organizations in the U.S. and costs millions in management and investigation each year. The average check fraud case results in more than $5,000 in loss.
"Before 3VR, banks faced insurmountable challenges in fighting check fraud and could only record losses on video as evidence," said Tim Ross, co-founder and executive vice president for 3VR. "3VR is the first system to arm banks with the technology required to recognize and stop criminals from conducting fraudulent transactions, and the forensic tools to be able to quickly track a suspect's history of activity."
The 3VR Searchable Surveillance System for Banks is immediately available from 3VR and its reseller partners. 3VR systems are being used by top regional banks including Bank of Hawaii and Metropolitan Bank and by 3 of the top 10 banks in the U.S. Systems work with existing camera and network infrastructure and cost between $500 and $5000 per camera depending on analytics and specific configuration.
