How to stop worrying about the safety of pawnshops and microfinance organizations?

“In Kirov, three masked robbers attacked a pawnshop”, “From a pawnshop in Volgograd, the robbers took out cash and gold for 800 thousand rubles”, “A 28-year-old man robbed a microfinance organization for a date”. Such headlines appear regularly in the media.

Also, pawnshops and microfinance organizations are at risk of personal data loss and cyber-attacks. Today we’ll talk about the best ways to ensure the safety of employees and clients of small financial institutions, as well as the prevention of internal fraud.

The specifics of ensuring the security of a pawnshop and microfinance organizations

Because of the accumulation and storage of a large number of expensive things (equipment, gold jewellery) and cash, pawnshops are a place of increased danger. 

MFIs, where there is always a large amount of cash in hand, also need protection. Here we are discussing external risks associated with robbery/raids and internal threats of employees fraud.

Theft and fraud by employees

Employees bring up to 40% of losses in small financial institutions. At the same time, 60% of the economic damage occurs precisely in the cash area.

The most popular methods of internal fraud in pawnshops:

1. Theft of funds from the cash register.
2. Registration of tickets and collaterals for men of straw (especially before dismissal).
3. Pledging counterfeit gold items.
4. Registration of re-mortgage instead of ransom and taking the money.
5. Theft of a piece of gold from a product.
6. Theft of parts (for example, an expensive video card from a computer system unit) and sale on the side.

The most common fraud schemes in MFIs:

1. Issuance of a loan to unreliable clients for a fee.
2. Registration of a loan for fake or invalid passports.
3. False refusals and misappropriation of money.
4. Organization of the robbery, collusion with the raiders.
5. Theft from the cash register.

Based on the foregoing, it is necessary to establish continuous monitoring of the cashier area and cash transactions.

Video surveillance for pawnshops and microfinance organizations

Pawnshop and microfinance organizations protection is a complex of measures, devices and mechanisms, each of which provides a certain security level.

Along with strengthening the premises and using protective equipment for showcases and operator windows, panic buttons and alarms, it is necessary to use a modern video surveillance system in pawnshops and MFOs.

The main functions of progressive video surveillance with elements of intelligent analytics:

• the effect of the constant presence of the controller (business manager/owner);
• service quality control;
• prevention of disruption of labour processes;
• prevention of theft and fraud;
• offences and crimes capture;
• investigation of events, disputes, conflicts, offences;
• quick notifications about events;
• face recognition (from black and VIP list);
• counting visitors (new, repeat).

Installation of video surveillance is necessary at the entrance to the premises and in places to obtain a general view, as well as the checkout area of ​​each operator.

Faceter cloud service capabilities

International company Faceter provides an intelligent level of video monitoring to ensure facility, personnel, and customers’ security. Also, video surveillance from Faceter helps to solve most business problems.

In particular, we practice combining all cameras into one reliable system and monitoring the work of pawnshop and microfinance organizations employees, namely:

• control of labour discipline;
• counting visitors and customer service time;
• management of communications between employees and visitors;
• quick creation of an operator’s workplace or the ability to remotely access and control the system without reference to a geographic point;
• differentiation of access and collective access;
• secure online viewing and video archive on a PC or smartphone;
• quick notifications on a mobile device;
• secure data storage in the cloud in an encrypted form;
• an adequate level of prices and discounts;
• a modern tool for resolving disputes, conflicts and events.

We are against recorders

Let’s take a look at two ways to store data in pawnshops and MFIs:

1. Video recorder.

Video recorder supporters advise:

• purchase a recorder;
• hide it in a metal box with a lock or safe;
• introduce an uninterruptible power supply unit into it;
• attach the box to the wall;
• disguise the wires and cables leading to the box.

These measures are necessary for the video device’s safety: so that intruders cannot damage it, steal, or erase information. 

At the same time, the concern of the owner of the video surveillance system will always be: 

• limited amount of recorder memory; 
• fear for its safety and serviceability; 
• security update; 
• access limitation; 
• administrative and criminal liability for the storage of the video archive.

2. Cloud.

Usage of cloud storage relieves the owner from:

• financial costs for the purchase of additional equipment (recorder, safe or metal box with a lock);
• financial costs for installation, adjustment of the recorder and related items;
• problems with the serviceability and safety;
• issues with limited hardware memory. For cloud storage, you need to choose a tariff with appropriate memory size, and if necessary, increase/decrease it;
• the need to upgrade the storage system. Cloud storage is updated automatically;
• administrative and criminal liability for the storage of data and video archives. The provider is responsible.

What is required to connect the cloud?

1. Select the appropriate tariff.
2. Agree with the provider’s conditions.
3. Set the list of persons and access.

Details on the website https://faceter.cam/en/tariffs.

Conclusion

Cameras (pawnshop, microfinance organizations) are an essential part of financial and credit institutions’ security system. However, it is crucial to install not just video cameras but also equip objects with a modern, intelligent system that will guard physical security and solve marketing problems.