Wireless Retail Articles

3 Big Ways Video Intelligence Helps Wireless Retailers Reduce Loss

By July 20, 2016 No Comments

As a wireless retailer, you likely know that theft and fraud can cost you tens of thousands of dollars each month — at each store. With already-tight margins, you need to protect your revenues, and that means stopping theft and fraud — both employee and external — in their tracks. But, you likely don’t have the time or money to visit every store or watch hours and hours of surveillance video.

Today’s advanced video-based business intelligence solution can help. By integrating your store video and audio with your point-of sale data, it’s already helping wireless retailers reduce losses in three big ways:

1. Alerts you to suspicious behavior — immediately. The video intelligence solution uses exception reports and visual audits to “watch” your point-of-sale data for suspicious activity, including:

  • Transactions at high risk for chargebacks or other types of fraud — such as multiple top-tier activations, payment with a prepaid credit card, refunds with no customer present, large discount applied to a sale, and any transactions in which activation procedures and paperwork policies were not followed.
  • Possible time theft — indications that employees may be skipping work hours and having others punch in and out for them.
  • Possible commission fraud — indications that sales associates are manipulating sales data or denying specific customer requests to meet their goals for bonus payout.

The solution then sends you email alerts so you know immediately when suspicious activity occurs. The alternative: finding out about theft and fraud after it has been occurring for days, weeks, or months and already has become a profit-impacting problem.

2. Investigate and take action — with proof to back it up. Because it integrates store video and audio with your point-of-sale data, an advanced video intelligence solution allows you to click through from email alerts directly to video and audio displayed side-by-side with the actual receipt of the suspicious transaction. It also gives you the option to search for video/audio/receipt by store, employee, and receipt number. Not only does this allow you to quickly investigate suspicious activity and determine if theft or fraud has occurred, it also allows you to save video and audio clips and data to share with the employee involved or with police, if needed.

There’s another side to this: Suspicious activity doesn’t always mean theft or fraud. Sometimes it simply indicates that an employee is not following procedures. In this case, video, audio, and receipt data can be used to identify areas in which the employee needs additional training.

3. Keep a virtual eye on motion in high-risk areas — 24/7. Your back door, safe, and inventory areas are all at high risk for employee and external theft. A video intelligence solution can be configured to “watch” specified areas of your stores and notify you when motion has occurred in those areas so you can keep an eye on what’s happening without having to continually monitor video. At the same time, you can investigate robberies after the fact: For example, if handsets were stolen, you can access video from the day of the theft and zero in on clips that include motion in the area of the store where the theft took place — allowing you to quickly identify activity related to the theft and easily share the video with police.

An advanced video-based business intelligence solution can make loss prevention a true cost-saver for a wireless retailer and a time-saver for its personnel. For more information about how video intelligence can help you improve loss prevention in your wireless retail stores, read the Envysion Insights Video Intelligence Solution overview for wireless retailers.