In this article, we’ll explore the scope of automated anomaly detection for banks and ATMs. According to a recent study, the banking sector in selected European countries lost an average of 280 million Euros each year from 2010 to 2019 due to ATM fraud incidents such as transaction reversal fraud, card skimming, physical attacks, etc. Even though ATMs are under CCTV surveillance, and sometimes guarded by security officials, the growing trends in ATM thefts indicate that the existing security system is not enough.
Monitoring live video feeds from CCTV cameras is a strenuous activity that requires continuous attention. The onus falls on the security guards to make fast and accurate decisions while watching non-engaging videos for hours. Often causing the security officials to overlook the security threats. Whereas in banks, when employees and security officials are held at gunpoint during a robbery attack, mostly they won’t be able to respond to the situation by pressing a panic button to alert authorities or to engage in other security contingencies.
But, what if the CCTV cameras in banks and ATMs can do more than just record what is happening on the premises?
What if it can detect threats and automatically alert concerned authorities?
This is what AI-powered anomaly detection can enable your CCTV systems to do.
Anomaly detection in video analytics is the process of identifying unexpected items or rare occurrences in video footage. AI-powered anomaly detection enables CCTV systems to mimic human cognition by interpreting information from the video to assist authorities. By implementing intelligent video analytics systems into physical locations like ATMs, banks can deliver fool-proof fraud detection. The video below shows a demo of the anomaly detection feature of Emotyx,
Automated anomaly detection system demo
In fact, the retail sector has been using intelligent video analytics to optimize the in-store experience, but the retail banking sector is yet to take advantage of it. Most banks offer more or less the same products and services to stand out and attract the new generation of clients – it’s high time they take the help of AI. Video analytics helps decision-makers understand the in-store behavior of customers, not to exclude the security aspect. By taking into consideration two unique needs of the banking sector – customer experience and security enhancements, here are some of the applications of AI-powered real-time video analytics for banks & ATMs:
Emotyx’s multifaceted AI-powered automated anomaly detection system can deliver actionable insights on any abnormal events that occur on the bank and ATM premises. If a threat is detected, an alert will be sent to the concerned authorities. A safe and secure experience is the ultimate prerequisite for a banking customer. With the added security of technological monitoring and swift actions, your bank will have the edge over competitors. For example, in the future, a user could directly opt for face recognition in ATMs for card-free access to banking services. With video analytic capabilities of Emotyx, banks can search and filter video to pinpoint suspects based on recognizable features such as gender, clothing, direction traveled, vehicle type, etc.
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AI-based video analytics software enables banks to save hundreds of thousands of staff hours each year and considerably improve loss prevention for major financial institutions. Automated anomaly detection can ensure the safety of your staff, visitors, and clients. Prevent a possible theft or attack and safeguard the bank’s property. With the widespread use of digital and mobile banking, the role of physical banking has to evolve to serve the needs of customers, both young and old. Their aspirations might be speed, efficiency, security, and convenience. By embracing technology, banks can value customer experience by optimizing brand experience – at the same time, maximizing revenue and profitability.