Why Banks Are Turning to Verint to Reduce Fraud, Enhance Security Operations

More than 2,300 banks and credit unions are using Verint’s advanced technology solutions for actionable intelligence, fraud detection and compliance.

MELVILLE, N.Y. —  Verint Systems (Nasdaq: VRNT), global provider of security and intelligence data mining software, says it has seen  increased opportunities in the first half of the year from enterprises turning to its intelligent solutions to support fraud reduction and security operations.

Banks and credit unions require the latest innovative tools to enhance operations while simultaneously facing ever-changing threats.

These businesses turn to Verint to identify the best ways to strengthen risk management across domains with technology that simplifies, automates and modernizes their fraud and safety programs, according to the company.

“With Verint, we are well-positioned to identify fraudulent activity and enhance safety,” says Randy Bullock, assistant vice president of security, Origin Bank. “Verint understands the challenges we face daily and works to deliver solutions that allow us to reach our goals. We look forward to continuing to work with Verint as we envision the next evolution of our business and our security program.”

Verint has more than 2,300 banking customers across the Americas utilizing its suite of advanced technology solutions for actionable intelligence, fraud detection and compliance.

“Verint is known for providing quality solutions and services to the banking segment, and its proven expertise in this market stood out when we were evaluating vendors,” says Amie Reilly, the security/BSA compliance officer, Visions Federal Credit Union. “We researched a wide variety of vendors during our evaluation process, and we knew we were getting a higher quality from Verint.”

The company is also collaborating with Seagate to enhance customer privacy and secure critical data from potential IT threats. The addition of Seagate’s self-encrypting drives (SEDs) creates a secure infrastructure that maximizes the safety of video and security intelligence by encrypting the video data at rest. Integrated encryption hardware helps ensure that there is no performance impact on the system.

“The adoption of intelligent security and fraud detection systems substantially improves the customer experience as well as decreases crime and fraud reduction efforts for banks,” says Valorie Windsor, director of alliances, Seagate. “As video becomes more valuable, the amount of time video needs to be stored increases dramatically. To accommodate this shift in data aggregation, banks must deploy robust storage devices at every level of the data workflow. When powered by Seagate SEDs, these video solutions also ensure that the data providing key insights is securely stored.”

Verint continues to further its commitment in banking market with the addition of Verint Video Investigator, a robust software platform that augments the ability to identify security threats in near real-time, helping security personnel mitigate risk, ensure operational compliance and improve fraud investigations, according to the company.

“Providing a rich suite of open, scalable solutions enables banks to capture the insights needed to realize stronger fraud reduction and higher levels of safety,” says Verint’s Matt Tengwall, vice president and general manager, fraud and security solutions. “Verint is committed to providing technology and services to enable banks and credit unions to modernize their security and fraud programs and stay one step ahead of emerging risks.”

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