DetectR provides point of sale fraud protection with actionable insights to reduce retail fraud. However, improvements quickly become apparent in other areas including finance, procedures and training and will provide the Loss Prevention team the opportunity to gain a larger remit within the company.
DetectR is a cloud based Software as a Solution product (SaaS) that empowers the Loss Prevention team to pool all retail Point Of Sale data in one spot, allowing for easy and rapid fraud investigations using visual graphing and algorithms for uncovering Transactions of Interest (TOIs). Once the data is loaded all transactions that fall outside specified procedural limitations can be reviewed by country, region, store and employee right down to transaction level.
For instance: How many POS transactions occurred where products have been returned without proof of purchase? The answer can be viewed dynamically by region, store, staff member, POS register, product type and every related transaction can be viewed…
No more data bottlenecks waiting for IT to provide information, keep your fraud team one step ahead, productive and efficient to ultimately grow your organisation’s bottom line…
There are six key requirements to establish a productive Loss Prevention department.
It’s not all about fraud, no company likes to think of their staff as a bunch of fraudsters. According to a Harvard study the actual number of total honest people is around 50%, 45% are honest provided they are given adequate guidelines within which to operate and the remaining 5% are totally dishonest.
So, during our fraud investigations we may notice that similar “frauds” are occurring across all stores. Why? Upon close investigation, it becomes apparent that a procedure is defective or has not been updated for years.
Whether a business operates in store, or online; the benefit of reliable employees is second to none. By taking the time to train employees, vet them efficiently and then demonstrate a no-tolerance theft policy; a business will soon find that it has separated the ‘the good from the bad’. Data can be tracked and monitored, transactions can be supervised, and a better business functionality can be obtained – all by implementing a few technological techniques that govern employee actions, while promoting a secure working environment.
Many questionable transactions cannot be tagged as POS fraud, but simply misunderstandings or, and most likely, weak or inadequate training systems. DetectR allows fraud investigators to find common transnational mistakes across all stores in the organisation, highlighting any specific training needs required to stem slippage. How many times are temporary retail staff taken on for peak shopping periods and thrown into the deep end with little training and with other sales assistants far too busy to give advice leaving a string of slippages, voids and undercharges that resemble POS fraud? The Loss Prevention team’s knowledge can be used to assist HR focus on training designed to elevate these problems leaving investigators to focus on the true fraudsters.
DetectR gives you a dashboard that contains all the information you need to come to accurate, fast and meaningful decisions related to fraud investigation. DetectR does this hard work for you, so you can get on with what you do best – finding the data to back up your investigative intuition. Fast and efficient access to data means a more productive Loss Prevention Team.
Everything the Loss Prevention team achieves by using the DetectR fraud detection system whether it be uncovering pure fraud or amendments to procedures and training should be promoted throughout the Company. Why? Well one of the biggest deterrents is the knowledge that there is an active Loss Prevention department monitoring all transactions and that staff will surely get caught if they choose to transgress. When you have successfully uncovered a nasty fraud make sure all the staff are aware that monitoring is ongoing.
The charges for this unique service are less than you would expect. They are based on the number of stores that you operate, the number of POS within each store and finally the number of Loss Prevention staff with access to the system.
The cost is a uniform monthly subscription fee with no bill shock during Christmas and New Year sales periods. The fee includes storing your transaction data for a period of 1 year (for historical analysis purposes).
The POS data is up loaded to our servers on an hourly, daily or weekly time frame … your choice. The setup generally takes 30 days, a small once off payment and minimum involvement from your IT department.
If there is any reason that your company is not happy with the return on investment (ROI ) then three months’ notice to discontinue is all that is required. In most cases the system pays for itself within the first quarter.
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