Fraudulent activity at the register costs businesses billions of dollars annually. With the risk of fraud, theft, and chargebacks, it’s essential for your store to have a proactive protection system in place to reduce your losses and improve security.
Most companies already have surveillance established for their retail locations, which makes it easier to integrate video analytics such as POS monitoring into their systems. Here’s how these intelligent analytics can work as a POS monitoring system to help protect your business against fraud.
Compare Footage With Data
Since POS video analytics can integrate into existing surveillance systems, store managers or owners can compare surveillance footage with transaction data to confirm if fraud occurred [1]. In addition, the system may also be able to identify unusual or suspicious activity that could mean fraud, theft, or chargebacks were taking place.
With POS analytics, store owners and managers have better insight into transactions and can determine if employees stole cash or products, customers were not present for sales or returns, or if an expired or fake gift card or coupon was redeemed at the point of purchase.
Search for Specific Events
Instead of having to search through hours of surveillance video to identify a faulty transaction or suspicious activity, POS analytics allow you to easily search for events [2]. You can filter video footage based on transaction data, loitering, and whether or not a customer was present for the transaction.
With real-time analytics, store owners or managers can even be notified by the system in real-time if suspicious activity occurs. For example, if a register is opened without a sale taking place, or an employee is spending an unusual amount of time around the cash register without a customer being present, the system can send an alert accordingly.
Leverage Data to Implement Change
POS analytics give store owners an opportunity to not only identify fraud or theft as it’s happening and document it, but also to use data the system collects to implement change to improve their policies and workplace and reduce risk.
For example, it’s possible that errors in charges or returns could be from faulty systems or equipment, or even honest human mistakes from improper training. POS analytics can help store owners and managers identify patterns that could indicate there’s a problem other than fraud occurring [3].
As a result of documenting transactions and issuing real-time alerts, POS video analytics can also work as training materials for new or existing employees to improve store practices, policies, and correct common errors occurring at the register.
Have You Implemented Video Analytics for Your Store?
Video analytics can typically be integrated with your existing surveillance cameras and provide critical data and evidence so you can reduce loss and increase profitability with your retail location. POS transaction monitoring can even help store owners staff their place of business accordingly and make necessary changes to improve customer experience.
Have you implemented video analytics for your retail locations yet? Find out more about your options by contacting Surveillance Secure at (877) 388-1248 today.
Sources:
- https://www.securityinfowatch.com/video-surveillance/article/21068760/how-qsrs-can-benefit-from-integrating-video-surveillance-with-pos-systems
- https://www.researchgate.net/publication/4308231_Video_analytics_for_retail
- https://www.securityindustry.org/2017/11/21/hidden-value-store-security-systems/
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