Reposs - PinPoint Technology
Retailers face increasing pressure from within and without, to make loss prevention a key driver for profitability. There are a number of ways in which retailers are tackling this issue, from CCTV to increased supervision of staff within stores.
According to police taskforce ‘Action Fraud’, employee theft cost businesses £88 million in 2017-18. Smaller businesses aren’t immune either, with newsagents, corner shops and charity shops all being past targets of employee fraud.
In this blog, we talk you through Reposs’ Pinpoint technology, that works together with our EPoS system to monitor till roll data and identifies any suspicious activity or abnormal till use that could be costing your business money.
What is Reposs PinPoint Technology?
Reposs’ PinPoint technology grants shop owners control over their tills, allowing them to conduct audits at any given time, assessing important information such as product changes, cash lifts and voids/refunds.
Pinpoint will automatically identify anomalies on your Reposs EPoS system, allowing you to identify as and when they happen so you know exactly when and what you're looking for on your EPoS system and CCTV.
What if I have CCTV?
Retailers face increasing pressure from within and without, making loss prevention a key driver for profitability. One way of doing this is installing a CCTV security solution.
However, unless you know a specific time and date of an incident, you need to watch hours of footage to identify an issue. This makes CCTV a time consuming and inefficient method of protection against staff fraud.
It’s also difficult to catch staff in the act as they will be accustomed to CCTV positioning. With this information, they may be able to hide their fraud from the camera system, providing yourself with minimal concrete evidence to warrant confrontation.
What about my current EPoS system?
It’s true that your current EPoS system will help you identify whether you have stock or cash missing but ascertaining when it happened is time consuming, similar to that of CCTV.
You would need to employ a mixture of both your EPoS system and CCTV surveillance system to pinpoint fraud taking place at the till.
In addition, some EPoS systems may not provide you with the stock or cash information that you need, making it even harder to uncover employee fraud.
Uncover employee fraud with PinPoint
It’s never a pleasant situation when you suspect that people who you pay and work with might be stealing from your business. The unfortunate reality is, however, that theft from staff members accounts for almost 30% of shrinkage for UK retail businesses, and it can be much, much trickier to protect yourself from.
Employees will usually have in-depth knowledge of cash handling procedures and camera positions – insider knowledge that shoplifters could only dream of. It’s also a problem that, if left unchecked, can easily escalate from a few handfuls of change here and there, to large scale quantities and valuable stock.
But the question is – if cameras and your EPoS by themselves aren’t catching the culprit, what’s the best way of catching these people out?
Reposs PinPoint Technology
Reposs PinPoint automatically monitors your till roll data and identifies any suspicious activity or abnormal till use that could be costing your business money, eliminating the need to review hours of CCTV footage. Get the exact times of unusual transactions and receive automated intuitive email alerts from your till, notifying you of any fraudulent behaviour.
Reposs’ EPoS PinPoint technology can help your business identify employee fraud in the form of altered product prices, voids/refunds, no sales (despite the till being opened), cash lifts and product changes.
Employees may attempt to conduct fraud through the alteration of product prices for their own benefit or accomplices outside of their workplace.
For example, an employee may ring through an expensive bottle of spirit as a cheap item such as a pack of crisps.
With PinPoint, you can find out when items are sold for less than their average selling price or RRP and be presented with incontrovertible, time stamped proof that you can then present the employee with.
Refund fraud is both an act employees and customers can carry out on your business.
For example, the offender may return stolen merchandise to secure cash, or steal receipts or receipt tape to enable a falsified return, or to use somebody else's receipt to try to return an item picked up from a store shelf.
Perhaps the most well-known form of this abuse is "wardrobing" or "free renting" – in which the person makes a purchase, uses the product(s), and then returns the merchandise.
PinPoint keeps track of precisely how many refunds take place, when they happen and the value of the refund in question. This data allows a shop owner to review monthly refunds and perhaps identify a fraud pattern if a particular individual flags up a suspicious amount of times.
Some things to look out for:
- An increase in recorded returns or void transactions, particularly with one employee or in one department.
- Refunds for large, repeated or even amounts.
- Refund paperwork being processed without the returned goods being attached or identified
- Unexplained reductions in stock may indicate that the item is being passed to customers, without the sale being processed and banked.
Employees often have access to a manual override which will open the till despite a sale not being conducted. If the correct warnings and notices are not in place, it allows an employee to open the till and perhaps withdraw money, without a superior ever being notified.
With PinPoint, the EPoS system will alert a designated individual when the till is being opened without a sale, indicating a potential fraud taking place.
Within the EPoS system, an employee may be able to alter the price of products as they are processed through the till. This would allow an employee to reduce the price of a product for either themselves or a friend.
In order to prevent fraud in this manner, PinPoint will notify the shop-owner or supervisor when an item changes price or stock is adjusted.
Prevent Fraud In Your Shop
Prevent fraud in your shop by adopting our PinPoint technology which automatically monitors your till roll data and identifies any suspicious activity or abnormal till use that could be costing your business money.
For any retailer that employs staff and wants to keep control of their business, PinPoint is the solution.