Union Savings Bank Puts A Dent In Crime With 3VR
Bank Captures 80 Times More Security Video and Lowers Fraud Rate with Intelligent Surveillance
NEW YORK, NY – October 28, 2009 – 3VR Security Inc., the leader in intelligent surveillance and search, today announced that 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 vice president, 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, and 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 rapidly pinpoint the relevant video to identify potential criminals and quickly research perpetrated crimes, rather than search through hours of footage to gather the necessary information. Furthermore, once the evidence is turned over to the police, it is also 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 also 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.”
About 3VR
3VR Security, Inc. is the global leader in Intelligent Surveillance and Search (ISS) – a faster, more reliable, and less expensive way to fight crime, ensure people’s safety and improve business efficiency. With 250 billion hours of video captured every year in the U.S., the award-winning 3VR Intelligent Surveillance Platform makes it possible to efficiently mine and manage it. 3VR is the security standard for hundreds of global customers, including leading banks, retailers, governments and law enforcement agencies. Based in San Francisco, CA, the company is privately held with funding from Kleiner Perkins Caulfield & Buyers, VantagePoint Ventures, In-Q-Tel and DAG Ventures. 3VR’s SmartRecorder is the three-time winner of the SIA Best New Video Product Award and was named Security Product of the Year from Frost & Sullivan in 2006 and 2007, among other awards. For more information, please visit www.3vr.com.
About Union Savings Bank
Established in 1866 and headquartered in Danbury, Conn., Union Savings Bank is a $2.0 billion mutual bank dedicated to providing excellent customer service to its customers and communities. As a full-service financial institution, Union Savings Bank provides banking, mortgage, investment and insurance products throughout western Connecticut with eighteen offices in Bethel, Bridgewater, Brookfield, Danbury, Kent, New Fairfield, Newtown, New Milford, Ridgefield, Sharon and Southbury. For more information, visit www.unionsavings.com.
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