5 Ways to Prevent Fraud and Theft this Holiday Season

Prevent Fraud and Theft this Holiday Season

The closer we move to the end of the year, the busier the retail industry becomes. The holiday shopping season is notoriously hectic in the months of November and December, bringing not only long checkout lines and full parking lots, but also an increased risk for fraud and theft to retailers. LP professionals must spend additional time and effort on prevention and mitigation techniques this time of year, working to ensure a comprehensive and efficient security solution that can handle the increase in business.

Video surveillance is a key element of an effective retail shrink reduction program, and video can also be used for other applications apart from loss prevention. Here are five applications that allow retailers to use technology to decrease risk and boost customer engagement:

  1. Advanced video solutions. It’s crucial for retailers to have extensive video coverage for enhanced situational awareness and store intelligence. Hemispheric, 180- and 360-degree video cameras are best suited to provide expansive coverage for in-store intelligence. They are also a cost-effective solution, as they can replace several traditional cameras, reducing hardware and installation costs.
  2. Technology integrations. Integrated systems are powerful tools because they link multiple pieces together (think POS, EAS and analytics) and combine information into one interface. This correlated view of operations and fraud management enables users to respond proactively and alleviate risk.
  3. Mobile video viewing capabilities. Mobile video viewing applications enable users to manage and view video on-the-go in real time, providing retailers with a new tool to augment investigations — just like all the apps on your phone that make you more productive!
  4. Advanced intelligence. As retailers seek new ways to maximize video investments, the focus has shifted to data collection and analysis — trends driven by the Internet of Things and Big Data. Video is only useful when it is evaluated to find the data most important to your retail organization. People counting, facial recognition and heat mapping can contribute to loss prevention, safety and marketing targets. And should an instance of fraud or shoplifting occur, video footage compounded with detailed analytics can allow LP teams to track and identify individuals for forensic purposes.
  5. Superior customer service. Capturing a customer’s attention is critical when it comes to enhancing customer service. Built-in analytics can help determine where a customer may need shopping assistance, such as if someone is standing near a particular display for a long period of time, or alert managers to long lines at checkout.

Advanced technologies are changing the way retailers do business, their LP teams address fraud and theft, and the overall approach to being more proactive. The more ways for you to demonstrate amplified customer service and reduced shrink, the more successful your store will be during the holiday rush.

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