Retail theft control
Many retailers today implement various control measures to help minimise unknown loss through theft at the point of sale (PoS), on the shop floor or in other areas of the business.
How to control retail theft
Not all retail loss is attributable to dishonesty. Human error can also have a negative impact on profit margin; this can be due to cashiers not understanding how to use the till correctly or failing to comply with company processes. There are a number of controls that retailers can use, including:
- Daily review of transactions for suspicious behaviour
- Unique till log-ins for every cashier
- Restrictions on employees’ capabilities at the till
- Checks of every voided transaction
- Daily profit margin reports by department
- Strict employee theft policy
- Enhanced security: cameras, guards and electronic tags
Loss prevention solutions
Although various controls can be put in place to reduce incidences of retail theft, the opportunity and capability for employees, customers and external parties to cause loss – whether deliberate or not – will always remain to some extent. Sophisticated retail loss prevention data mining and analysis tools, such as PCMS VISION Loss Prevention, can facilitate internal theft detection and prevention, along with fraud and other losses at the PoS. Drawing on our extensive experience in the retail industry we are able to maintain a complex knowledge base of fraudulent patterns, both of a general nature and specific to each customer, which we build into our solution. The cutting edge software enables retailers to use data that they already capture to pinpoint fraudulent transactions among the genuine activity.