The following blog was written by iQmetrix Integrated Partner, Envysion and outlines how managed video solutions can combat fraud and mitigate loss for cell phone stores and repair shops.
Scanning the customers in your storefront, butterflies stir in your stomach as you consider the likelihood that one customer at this very moment could be attempting to commit fraud.
Are your employees properly checking IDs? Are they asking leading questions to ascertain the legitimacy of a transaction? As the owner of multiple wireless retail locations, you know that employee theft goes far beyond the risk of someone pocketing a free cell phone case or charger. Fraud, time theft, refund abuse, and discount abuse are all threats to your bottom line.
Managed video solutions give wireless retailers the opportunity to reduce loss and prevent theft by monitoring every aspect of the customer experience. Dynamically integrated surveillance video, audio, and transactional data give you the complete picture. Ensure employees are following your strict protocols, reduce the risk of commission fraud, and protect your bottom line.
Managed Video Solutions Combine Video, Audio,
and POS Data
Imagine monitoring security cameras in multiple wireless retail locations from one easy login on your mobile device. Wireless retail owners and managers could have the ability to live stream or review surveillance footage from one or multiple locations—all from one convenient dashboard. Integrated video, audio, and transactional data from your POS system gives you the ability to review and share intricate details of any potentially fraudulent activity within your store. Review surveillance footage to ensure customer IDs are being properly checked, that transactional procedures are being followed, and help you to verify or dispute customer service or HR claims.
In the below video, is just one example of how Envysion helped a retailer end theft from an employee.
Combat Customer Fraud with Transactional Protocol
One of the greatest threats to your business, as the owner of multiple wireless retail locations, is customer fraud. Criminals take advantage of promotional discounts to purchase a new cell phone at your location for $0-$100 down, only to leave and flip that device for $600+. These abuses can end up costing your location tens of thousands of dollars in lost inventory and carrier fees. Having a clearly stated transaction protocol developed for your employees helps them speak to customers with confidence, and in turn, help to reduce loss due to customer fraud.
5 Red Flags of Customer Fraud:
- Is it cash sale? A high-value transaction that is also a cash sale can be an indication of potential customer fraud.
- Customer purchases most expensive device. Criminals looking to sell these devices on the black market will often go for the newest and most expensive phones.
- Who will be using this device? Train your employees to engage with the customers during the purchase process. Have them ask specific questions about the intended use of the device in a casual manner—they are just making conversation, but listening for suspicious phrasing and behavior. Someone buying a phone “for a significant other” or other relative with no elaboration can be a red flag.
- Doesn’t want to take the device out of the box. If a customer declines your employee’s offer to remove the device from the box this can be an indication of fraud. A criminal will have an easier time selling a device in an unopened box.
- Doesn’t want to activate the device. Similarly, if a customer declines your offer to activate the device, this is big red flag! A real customer looking to legitimately purchase a cell phone or mobile device would rarely decline your offer to activate it.
While these customer interactions could not be the start of something fraudulent, it is best that your employees understand the above indications and know how to act when something doesn’t feel right. What is the protocol for your employees when they encounter one of these red flags during a sales transaction? Train employees to make a statement such as, “You have my sincere apologies, but our checkout system just crashed. Would you be willing to return in an hour to complete this transaction?” A real customer will most likely agree, but an individual fishing to buy and resell a device, will most likely turn tail and leave.
Reduce Fraud with Managed Video Solutions
Ensure that your employees are following your transactional protocol to help reduce fraud. Managed video solutions allow you access to live and recorded surveillance video, audio, and transactional POS data from each of your wireless retail locations. Make sure employees are checking photo IDs and asking leading questions when potential red flags occur during a sale. Review your surveillance video to reward employees that facilitate exceptional customer transactions to increase expectations throughout your company.
Loss Prevention Audits Steamline Loss Mitigation
Take your managed video solution to the next level with Envysion’s Loss Prevention Audit services. Our team of dedicated audit specialists reviews suspicious events to verify incidents and build a case for your team. We monitor surveillance footage and suspicious transactions, so you don’t have to! Verified incidents are flagged and sent directly to your inbox. Loss Prevention Audits easily identify suspicious transactions and mitigate loss due to employee error and theft. Return valuable profit to your bottom line with Envysion’s Managed Video Solution paired with Loss Prevention Audits.
Intelligent Motion Search Surveillance Technology
Skip the hassle of searching through hundreds of hours of surveillance video footage. Envysion’s Motion Search technology makes it easy to skip directly to the activity you’re looking for. Quickly scan to see the last time an employee opened or closed your safe to ensure procedural compliance. Or verify that your opening and closing procedures are being properly upheld. Managed Video Solutions, Loss Prevention Audits, and Motion Search technology make it easy to monitor employee activities and transactional trends throughout your wireless retail enterprise.
Talk with the video based business intelligence experts at Envysion to start preventing theft and loss prevention in your wireless stores today.