The data at your finger tips to fight retail fraud.
Staggeringly, retail shrinkage accounts for an average of 1.4% of total sales in retail (Retail Fraud Survey 2017).
The 2017 Retail Fraud Detection Survey identifies three main areas of retail risk:
Internal reasons for retail shrinkage (lack of internal compliance or staff dishonesty) have a severe effect on the bottom line and are also largely preventable. While DetectR provides loss prevention teams with an intuitive dashboard to expose the point of sale fraud, a secondary benefit is that potential process failures and training opportunities can be identified as part of a more holistic retail risk management agenda.
The data tells us that employee fraud causes massive losses to retailers, though our experience tells us that this is usually incurred with many small incremental amounts over a long period. For example, a sales assistant with the correct knowledge can generate many fraudulent transactions by understanding the loopholes in policy and procedure.
By installing a CCTV camera, retailers begin to effectively spot shoplifters (the 38% of shrinkage), but CCTV is totally ineffective in detecting point of sale fraud and process breakdown (46% of shrinkage). DetectR is tailored for the retail industry’s fraud detection problem and the need for risk management.
Each day millions of transactions go through an organisation’s cash registers. Hiding in that data is point of sale fraud. DetectR is a robust data management platform (DMP) that houses, crunches and visualises the data for Loss Prevention Officers.
DetectR uses a dashboard to connect all point of purchase data sources, allowing Loss Prevention Teams to combine their intuition and retail industry knowledge with data visualisation to find retail fraud. This is achieved without burden on IT departments.
The NetMap Analytics team has distilled 40 years of data analysis expertise and vast knowledge of the retail industry into the DetectR package, designed specifically for those in the retail risk management field.
The NetMap Analytics expertise lies in simplifying complex data analysis, the discovery of true fraud and ongoing monitoring of point of sale (POS) data to reduce retail shrinkage.
You may be interested in other NetMap Analytics areas of expertise in corporate and government, criminal investigations, insurance fraud and marketing segmentation.
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