New Statistics on Point of Sale Theft Revealed at HITEC
eConnect releases a new report concerning hospitality theft and how exception reporting with surveillance integration helps eliminate it. eConnect will be answering questions about these new results at HITEC (booth 1528) in Baltimore this week.
More and more hospitality operators are struggling to reduce costs and increase profitability in a market that is strained by a global recession and financial uncertainty. eConnect has uncovered some facts that will be helpful to hospitality operators who utilize POS systems in their retail and food service venues.
- All digital POS systems are vulnerable to theft. Non-digital POS systems are the most vulnerable.
- 34% of all 18-29 year old employees believe it is justifiable to steal from their employer.
- Employee theft amounts to 4% of food sales at a cost of $8.5 billion annually.
- 60% of business failures are a direct result of internal theft.
- On Average $187,000 has been lost by the time the fraud is discovered.
- Most theft is brought on by employee mistakes that are never noticed by management which eventually become regular scams.
eConnect Customer Statistics:
- On average customers reported that bartenders caught stealing via exception reporting stole $500 per day.
- On average customers reported that retail cashiers caught stealing via exception reporting stole $87 per day.
- Most eConnect customers found theft on the very 1st day of deployment, commonly while end users are in training. They were surpised to find that most individuals were trusted employees who had been working for 2 years or more.
- On average, Return on Investment (ROI) is realized within 60 days of the software deployment.
- eConnect has found that collusion is a big industry problem and many times it involves supervisors and managers who facilitate fraud. eConnect developed specialized queries to search this out.
- One of the most popular scams eConnect has found is the cashier short ring, allowing more product to be given away than is paid for by the customer, who is usually a friend, family member or fellow co-worker.
eConnects software; POS Connect interfaces with all major POS systems including Micros, InfoGenesis, Retail Pro and many more. They synchronize the live POS data with surveillance video to give operators and loss prevention experts a tool to increase their efficiency and productivity. The software contains dynamic exception reports, which allows operators to see red flags that can be visually audited with a click of the mouse. The POS Connect system is widely used by many of the largest gaming & hospitality operators around the globe. SEE LIVE DEMO HERE
"Our system is state of the art, giving gaming & hospitality operators a tool that immediately effects their bottom line." Commented Henry Valentino- CEO at eConnect "Our customers commonly tell us that they see the ROI within a few days of product use and they see quantifiable profit increases when comparing POS revenues before and after our product is installed."
eConnect is a software company in the security industry which provides financial transactional analysis with visual verification. This is accomplished by synchronizing transactional data from point-of-sale (POS), casino systems and games to digital video surveillance, producing the best fraud deterrence tool in the industry. The software tool also increases the effectiveness of employee productivity, allowing managers to easily identify common employee errors.
Learn more about eConnect in this video: