As the importance of online banking grows, physical banking retains its central role in the banking infrastructure, highlighting the interdependence of both. Though considered more convenient, fast, and intelligible, virtual banking is yet to replace its counterpart. Therefore, keeping the physical frontiers of a bank secure remains an irrefutable aspect of banking security and efficiency. Authorities are inclined towards integrating smart and pervasive security solutions that not only neutralize threats but also enhance operational efficiency. And facial biometrics is among the most reliable new-age technologies proficient in countering physical security threats within the banking ecosystem.
Applications of Facial Biometrics for Augmented Security
Video Surveillance
While visiting a bank, physical security challenges threaten privacy infringement and data leaks. Being the hub of financial activities, banks are exposed to risks of break-ins and thefts that damage resources and property. Although video surveillance is exceptionally instrumental in real-time monitoring and tracking of security breach incidents, it’s incomplete without AI-powered features that can be leveraged for more robust control.
Facial recognition is an intelligent technology that enhances the efficiency of a video management system (VMS) and helps mitigate losses. Not only does it enrich a VMS with advanced capabilities, it also increases its accuracy and reliability.
- Facial recognition instantly identifies an individual when they step into the range of a camera, allowing the security staff to know if a person of concern has entered the premises of the bank.
- A map of the entire branch can be saved within the system interface, facilitating switching between areas of attention for better monitoring.
- During rush hours, the on-ground security staff’s attention is inevitably divided. So, facial recognition enables crowd management using customer profiles, and reduces the risks of social disturbances and privacy leaks.
Access Control
“Globally, access control is one of the most widely used physical security solutions.”
As part of the critical infrastructure, banks hold sensitive data and resources, whose security can’t be compromised. These resources are protected by stringent access barriers and intricate verification protocols. However, access breaches, identity cloning, and thefts from break-ins threaten the integrity and security of critical information. As a countermeasure, access control systems (ACS) need to be upgraded to ensure accurate authentication and protect against potential breaches.
Facial recognition systems (FRS) use a person’s face image as a unique identifier for granting access to protected areas. Unlike other access modalities, such as physical cards and alphanumeric PINs, a person’s facial biometrics can’t be easily cloned or stolen. Additionally, the liveness detection feature of FRS differentiates an image from an actual person, further helping to prevent identity theft. When used as an added layer in multifactor authentication, customers can safely access their bank accounts, in-bank physical lockers, and perform financial transactions.
Incident Detection
Security officials are trained to recognize signs of potential threats, like suspicious activities, tailgating, or crowd disturbances. However, deploying smart security solutions is pivotal to devising actionable incident detection and response protocols that can ultimately help in deflating functional delays.
The transformative capabilities of facial recognition technology (FRT) enable analytics-backed decision-making and keeping track of security vulnerabilities. As soon as an incident is detected under the camera, involved parties are identified, and security staff receive alerts at their stations, facilitating prompt response. Not only this, FRS draws attention to attempted security breaches, hence increasing operational efficiency.
Enriching Physical Banking Security Infrastructure
In securing the physical frontiers of a bank, the role of technology is undeniable, considering the stakes involved. The risks of compromised security can result in the loss of valuable physical and intellectual property, rendering a country’s financial resources vulnerable to global threats. In recent years, facial biometrics has gained the industry’s credence as a foolproof security modality. The facial recognition market volume is expected to reach USD 8.44 bn by 2030, indicating continued investments and adoption across industries to bring about a much-needed transformation.
“Physical security in banks involves more than just protecting assets; it is about safeguarding trust. Facial recognition technology helps quickly identify and respond to threats, creating a safer environment for everyone. This proactive approach debilitates threats and reinforces secure and reliable banking.” says Oleg Kurochkin, Business Development Director, APAC Region, RecFaces.