DetectR provides point of sale fraud detection and delivers actionable insights to reduce retail fraud. However, improvements quickly become apparent in other areas of the business beyond transactional fraud. Usually, these efficiencies come in the form of process compliance and employee training.
Beyond just fraud, the Loss Prevention Team often discover breaches in policy that are not due to malicious intent. During fraud investigations, Loss Prevention Officers may notice that similar transactions of interest (TOI) are occurring in all stores. Why? After referring to the policy, it becomes apparent that a process has not been reviewed for years, and references out of date POS registers.
Many questionable transactions cannot be tagged as POS fraud, but are simply misunderstandings or inadequate training. Common transnational mistakes can highlight specific training needs and contribute to reducing retail shrinkage. Temporary staff are often hired to support during peak periods and can unintentionally leave a string of slippages and voids that resemble POS fraud. The Loss Prevention Team’s knowledge can be used to assist HR training. This reduces general organisational problems leaving loss prevention investigators to focus on the true retail fraud.
DetectR produces a dashboard that contains all the information and tools to accurately and quickly make decisions related to a fraud investigation. DetectR does this collation and analysis, then visualises the data so Loss Prevention Officers can get back to doing what they do best – finding the data to back up their 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 gaps in business efficiency) should be promoted throughout the organisation.
Why? Well, one of the biggest known deterrents of internal fraud is the knowledge that there is an active Loss Prevention department monitoring all transactions, increasing the likelihood of getting caught. When you have successfully uncovered a nasty fraud make sure all the staff are aware that monitoring is ongoing. This in itself has been proven to reduce employee fraud.
In most cases, the software system pays for itself within the first quarter. Costs are based on the number of active stores, the number of POS within each store and finally the number of Loss Prevention staff that need access. This is calculated as a uniform monthly subscription fee with no bill shock during peak shopping periods. The setup usually takes 30 days and incurs a once off payment with minimal involvement from your IT department. If there is any reason that your company is not happy with the return on investment, then three months notice to discontinue is all that is required.
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