Vector Security Seeks to Enhance Loss Prevention Services
PITTSBURGH — To address the rise in employee theft among its national customers, Vector Security has teamed up with loss prevention service Risk Management Services Loss Prevention (RMSLP). RMSLP provides loss prevention solutions for retail businesses that would normally outsource loss prevention auditing services, such as home improvement companies, fast food chains, law firms and insurance companies.
Statistics from a recent National Retail Federation (NRF) survey of organized retail crime motivated Vector Security to partner with RMSLP. The study found 96% of retailers have been victims of ORC in the past 12 months. Overall, shrink rates have decreased; however, retailers are noticing an increase in activity. Employee theft counted for 43.9% of shrinkage last year, followed closely by shoplifting (35.7%).
“To address this need of our customers and the growing trend in the retail sector, we looked for an opportunity to develop a unique point-of-sale [POS] offering,” Vector Security Marketing Manager Art Miller tells SSI. “In early 2012, we started discussions with RMSLP.”
As part of the collaboration, the two organizations have launched insidePOS, a POS monthly service that allows business operators to review data and analytics to improve business processes.
The goal of the new offering is to help spot cashier breaches immediately, not months down the line, Miller says. The solution combines a camera system, POS data and a monitoring service to leverage customer-identified triggers, such as refunds, voided transactions, no sales and sales under one dollar. These types of events can result in employees’ friends and family sweethearting, elaborate return schemes, or stealing directly from the cash registers.
“These triggers instantly create and transmit a video clip along with associated point of sale data relative to the event each time the identified event occurs,” says Jim Close, managing partner at RMSLP. “This solution allows the customer or our investigative team to intervene if warranted, virtually on a real-time basis.”
Prior to its release, Vector Security conducted an eight-week pilot program on the solution at Gordon’s Ace Hardware in Chicago. So far, owner Jeremy Melnick is pleased with the solution.
“Since deploying insidePOS, the video clips have been used to train our management team and fix loopholes in our POS security system,” he says. “Our employees are subtly reminded that procedures must be followed or questions will be asked.”
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