Protecting Your Bank in a Time of Uncertainty: Best Practices for Financial Institutions

Banks have been a target for criminals for as long as they’ve been in existence, and they always will be. The best thing you can do for your financial institution is to secure it enough so that it doesn’t become the victim of a crime of opportunity.

In these uncertain times, it’s imperative now more than ever that you fortify your bank’s security to prevent it from becoming a target. Criminals have gotten smarter and more bold over the years but, fortunately, so have the means by which you can protect your bank. Continue reading to get some tips to help your financial institution to remain safe during these times of uncertainty.

Bolster your surveillance system.

People are much less likely to commit a crime when they know you’re watching, so security cameras are an excellent way to cut down on suspicious activity at your bank or credit union. You probably already have security cameras in place, but are they up to date? One of the problems with old surveillance systems is that they leave blind spots, and many of them don’t feed live video to remote locations. If you have an outdated system, then your video surveillance may not be providing you with the level of protection that you need.

Many financial institutions across the United States, from New York to California, put their trust in Verkada to provide them with the surveillance solutions they need. With their bank surveillance cameras, you can streamline live footage to security personnel in remote locations. Their high resolution surveillance cameras also make it easier to identify robbery suspects and suspicious activity by team members.

The safety of your financial institution, employees, and customers needs to be your bank or credit union’s top priority. Not only do security cameras help law enforcement find their suspect, but they also serve as a deterrent to robbers and even team members who may be thieves. Even if you have the greatest security personnel and the most honest team in the banking industry, it’s still better to be safe than sorry.

Increase accountability among your team members.

One of the best ways to prevent losses is to implement best practices that help all of your team members sync their efforts with the company strategy and goals. It’s important to have checks and balances in place that help your financial institution stay safe from within as well as to make sure your team members are optimally productive.

Business OKR software like Workboard is an excellent way to hold your team members accountable and measure their productivity at the same time. The OKR framework allows you to monitor the activity of personnel and create metrics by which you can determine how efficient individuals are at furthering company objectives. The more productive your team members are and the more they know that you’re keeping an eye on their commitment to okr goals, then the less likely they’ll be to engage in suspicious behavior that could hurt your financial institution and your customers.

Make preventing fraud a top priority.

Bank fraud is one of the most common crimes against banks and credit unions today. If you want to earn the trust of your clients and potential customers, then you need to implement security measures to make online banking and ATM transactions safer.

Identity thieves scour the internet night and day hoping to get personal information and account information from unsuspecting web surfers. In addition, people called skimmers have found ways to defraud people at ATMs by installing a card reader that records and stores bank card information.

One of the best ways to prevent bank ATM fraud is to make better cards for your clients. Many card issuers have began putting computer chips in their cards that provide an extra layer of protection against fraudsters. Some cards are completely void of critical information like card numbers and the name of the cardholder making it harder for a scam artist to get your info at the

ATM or other point of sale.

Criminals may have gotten smarter over time, but so have security measures. By utilizing the right technology, you can do a lot to keep your bank or credit union safe during these uncertain times.