Verint strengthens fraud reduction and improves investigations for financial institutions

Verint Systems continues to experience demand for its integrated solutions for the global banking market. Verint’s Security, Surveillance and Fraud Investigation offerings enable financial leaders to integrate fraud mitigation and risk management to streamline operations and realize stronger security postures.

The banking environment faces a new risk paradigm—one that encompasses cyber and physical threats, such as ATM skimming, identity theft, data breaches, scams, and phishing. These types of threats can lead to losses, so banks need to focus on minimizing fraud attempts and reducing the risks for damage. Additionally, regulations, such as the General Data Protection Regulation (GDPR), require compliance-driven and data protection technology.

“Verint solutions help us proactively analyze fraud, expedite investigations and find better solutions to resolve critical threats,” said Tina Pickup, security officer, Berkshire Bank.

As a partner to the financial services market, Verint delivers technology that empowers banks to adopt a proactive approach to risk management and security. Verint solutions allow organizations, like VyStar Credit Union, Berkshire Bank, and many others, to leverage data to identify risks and create higher levels of awareness across the enterprise.

“Automating our fraud investigations with Verint solutions has helped our fraud department achieve a time savings of nearly 85 percent over previous manual methods. This savings continually drives down fraud-related costs,” said Kevin Owens, vice president of security and safety, VyStar Credit Union.

Verint’s Security, Surveillance and Fraud Investigation offerings aid financial institutions in identifying security threats and vulnerabilities in real-time, helping security personnel mitigate risk, ensure operational compliance, and improve fraud investigations.

With technologies like Verint’s video software management platform for video monitoring, recording and analysis, financial institutions gain protection from loss, while enhancing the customer experience.

“As more banks turn to mobile services, kiosk-based locations, and more customer-centric branch operations, there are greater risks for fraud and loss,” comments Verint’s Matt Tengwall, vice president and general manager, banking and retail solutions.

“Increasingly sophisticated fraud techniques require organizations to pursue new approaches to prevent and detect such activities, and Verint leads the way in delivering fraud solutions needed to help mitigate these risks.”