The always popular Where Are You Vulnerable? The Latest in Loss Prevention session hosted by Stacy Hamer and Kris Rogers did not disappoint at the 2014 Summit.
In case you missed it, this high-demand session looked at how wireless retailers identify their biggest fraud holes and highlighted techniques to close them.
5% of payroll input is fraudulent; 60% of retail employees admit to time theft.American Payroll Association
One of the biggest fraud holes, is payroll fraud. In fact, The American Payroll Association found that 5% of payroll input is fraudulent, and 60% of employees across all retail channels admitted to time theft in 2012, through "buddy punching."
As you are likely aware, buddy punching involves the sharing of passwords among staff with the intent of having someone punch you in or out -- to make it look as if that employee was at work when they were not.
When buddy punching takes place, not only are you paying for an employee who is not present, but your level of customer service is now diminished, increasing the potential for lost sales revenue. Now that’s not to say this is always done maliciously, however consider some of the stats below (from DigitalPersona):
- 34% of 18-29 year olds believe it is justifiable to steal from their employer.
- 43% of all shrinkage is em[ployee theft (36% is shoplifting; 15% is due administrative errors).
- 66% of security breaches were accomplished using stolen credentials.
You may be asking, how do I shut this fraud hole? As noted above, two out of every three security breaches are due to weak or stolen credentials. One easy way, when possible, is to remove the credential entry step altogether.
With RQ biometric authentication, employees do not need to know their passwords; passwords can be more complex; and they can be changed on a regular basis. With RQ biometric authentication, employee’s credentials are tied to the employee’s unique fingerprint template, requiring them to scan their finger when performing logins, punch ins/outs, management overrides and other functions requiring a credential.
With RQ biometric authentication, employees don't need to know their passwords -- they can login via fingerprint.
Support for the U.are.U 4500 standalone fingerprint reader and U.are.U 4500 Keyboard with integrated fingerprint reader is tightly integrated into the RQ application and is easily implemented into your business to seamlessly provide users with a reliable means of holding employees accountable.
Fingerprint biometrics give you the peace of mind of knowing credentials cannot be stolen or exchanged, allowing you to effectively, shut your fraud hole.