{"id":27735,"date":"2023-05-26T10:37:11","date_gmt":"2023-05-26T17:37:11","guid":{"rendered":"https:\/\/paladinpointofsale.com\/retailscience\/?p=27735"},"modified":"2025-09-22T15:07:29","modified_gmt":"2025-09-22T22:07:29","slug":"is-it-time-to-upgrade-your-loss-prevention-technology","status":"publish","type":"post","link":"https:\/\/paladinpointofsale.com\/retailscience\/home\/is-it-time-to-upgrade-your-loss-prevention-technology\/","title":{"rendered":"Is it Time to Upgrade Your Loss Prevention Technology?"},"content":{"rendered":"

[et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_post_title meta=”off” featured_placement=”background” text_color=”light” _builder_version=”4.23.1″ background_color=”rgba(255,255,255,0)” background_position=”bottom_center” text_orientation=”center” title_text_shadow_style=”preset5″ text_shadow_style=”preset2″ use_border_color=”off” global_colors_info=”{}”][\/et_pb_fullwidth_post_title][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Intro” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” global_colors_info=”{}”]<\/p>\n

Originally published: October 16, 2019<\/p>\n

Updated: May 26, 2023<\/p>\n

In 2022, California authorities busted a ring of professional shoplifters that lifted $135,000 in merchandise from a variety of large retailers. Home Depot has experienced such high theft of its power tools that the hardware chain electronically disables them until they are properly scanned and activated upon purchase. Rampant theft in 2023 caused many large retailers \u2013 Walmart, Target, Macy\u2019s, Nordstrom, and Best Buy among others \u2013 to close stores in metro areas ranging from Portland, Oregon, to New York City. And just last month, Target announced in its earnings report that it would lose $500 million due to retail theft. With such crimes on the rise, all retail business owners should probably ask themselves: Is it time to upgrade my loss prevention technology?<\/p>\n

The <\/em>“35th<\/sup> annual Retail Theft Survey<\/a>,” from loss prevention consulting firm Jack L. Hayes International, shows 81% of U.S. retailers reported an uptick in shrink in 2022. The size of the thefts have increased, too. Last year, the average per-case theft value reached $846.11 last year, a 17.1% increase from 2021.<\/p>\n

Inventory shrink, in which theft is the most prevalent factor, cost U.S. retailers just under $100 billion in 2022. Organized retail crime (ORC) is the major player in the theft, accounting for roughly $30 billion each year. A survey from the National Retail Federation<\/a> shows that domestic retailers reported a 26.5% increase in organized retail crime in 2021. With the increased number of opportunities afforded to thieves, an investment in loss prevention technology looks like a wise move for any retail store.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”Expanding Shrinkage ” _builder_version=”4.25.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” global_colors_info=”{}”]<\/p>\n

Expanding Shrinkage<\/h2>\n

The NRF says retail shrinkage\u00a0can be lumped into three broad categories \u2013 external theft, internal theft, and administrative errors.\u00a0Robberies, or external theft,\u00a0which\u00a0ranges from shoplifting\u00a0individual items\u00a0to organized retail crime, tops the list for shrinkage. Internal theft is employee theft, which can include\u00a0return fraud,\u00a0vendor fraud, and\u00a0\u201csweetheart\u201d\u00a0deals\u00a0\u2013\u00a0theft or\u00a0fraud involving an employee and accomplice. Administrative errors range from mistakes at the checkout counter\u00a0to inventory mismanagement.<\/p>\n

The 2021 NRF Retail Security Survey shows\u00a0the\u00a0increase in shrinkage is spread evenly across the board. Respondents attributed the greatest portion of shrink to:<\/p>\n

[\/et_pb_text][et_pb_blurb title=”External theft including organized retail crime \u2013 37%” use_icon=”on” font_icon=”||fa||900″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb – External theft” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Employee\/internal theft \u2013 28.5%” use_icon=”on” font_icon=”||fa||900″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb – Employee” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Inventory control failures \u2013 25.7%” use_icon=”on” font_icon=”||fa||900″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb – Inventory control” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_text admin_label=”Technology is Opening Doors … ” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” global_colors_info=”{}”]<\/p>\n

Technology\u00a0is\u00a0Opening Doors …<\/h2>\n

Retail\u2019s evolution from conventional sales in brick-and-mortar stores\u00a0to multichannel transactions with both online and in-store customers has proven to be a double-edged proposition. Multichannel retail allows businesses opportunities to sell more. However, it also opens them up to more forms of theft and fraud.<\/p>\n

Cybercrime is another door retail business has found difficult to monitor. Cybercrime can range from the theft of company data to the theft of cash through electronic payment terminals. Target Corporation lost up to 40 million credit and debit card numbers of their shoppers to a data breach during the 2013 holiday shopping season.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”\u2026 And Closing Doors ” _builder_version=”4.25.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” global_colors_info=”{}”]<\/p>\n

\u2026 And Closing Doors<\/h2>\n

Loss prevention technology that guards a business\u2019s data and payment collection starts at the point of sale \u2013 the payment terminals \u2013 and stretches into its computer network and throughout a store. It features everything from PCI-compliant payment terminals to business network hardware and monitoring by retail technology providers.<\/p>\n

This tech includes:<\/p>\n

[\/et_pb_text][et_pb_blurb title=”Point of sale (POS) analytics” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb – Point of sale (POS) analytics” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Video surveillance analytics” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb – Video surveillance analytics” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Radio-Frequency Identification (RFID)” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb – Radio-Frequency Identification (RFID)” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Loss Prevention software” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb – Loss Prevention software” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Fingerprint identification at the point of sale” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -Fingerprint identification at the point of sale” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Facial recognition technology” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -Facial recognition technology” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_text admin_label=”However, retailers aren\u2019t flocking” _builder_version=”4.25.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” global_colors_info=”{}”]<\/p>\n

However, retailers aren\u2019t flocking to take advantage of the new tools. According to the NRF 2022 Retail Security Survey<\/a>, less than half of retail businesses employ emerging or advanced loss prevention technologies.<\/p>\n

The point-of-sale system is the retail platform for a business and the hub of transaction data. So, it makes sense that it should also be the base camp for loss prevention technology.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”Virtual guard dog” _builder_version=”4.25.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ use_border_color=”off” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

\"BoxerVIRTUAL GUARD DOG<\/h2>\n

\u200bPoint-of-sale and video surveillance analytics are\u00a0the eyes and ears in\u00a0determining where a business\u2019s weak points are when it comes to loss prevention. Working together they can plug those holes and reduce shrinkage.<\/p>\n

Security providers like Watcher Total Protection integrate with point-of-sale systems to marry sales transaction data and video surveillance to protect stores from shoplifting and retail fraud. They allow businesses to call up\u00a0and\u00a0review digital video of transactions. They\u00a0display specific products sold, invoice amounts, payment types, and the actions taken by the cashier.\u00a0It makes spotting theft and fraud easier and more efficient.<\/p>\n

Health and beauty products and power tools are two of the leading targets of theft, according to Watcher. This kind of software and point-of-sale integration allows businesses to:<\/p>\n

[\/et_pb_text][et_pb_blurb title=”Manage operations” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -Manage operations” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”React to customers more effectively” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -React to customers more effectively” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Prosecute shoplifters and employees who steal” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -Prosecute shoplifters” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”View systems through mobile connections” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -View systems through mobile connections” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_testimonial _builder_version=”4.25.0″ _module_preset=”default” author=”Nathan Looman” job_title=”Owner\/President” company_name=”Watcher Products” quote_icon_color=”#3e5062″ background_layout=”dark” background_color=”#3e5062″ hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n

\u201cWith a point-of-sale integration,\u201d says Nathan Looper, of Watcher Total Protection, \u201cyou can see (on the screen) anything that is on that receipt. What\u2019s\u00a0really nice\u00a0about the Paladin integration is we get that data\u00a0(in real-time)\u00a0as stuff is scanned. Some point-of-sale systems,\u00a0when\u00a0they do the integration,\u00a0we actually don\u2019t get that information until a receipt is printed.\u201d<\/p>\n

[\/et_pb_testimonial][et_pb_text admin_label=”Analytical approach” _builder_version=”4.25.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” global_colors_info=”{}”]

\"Wall-mounted

CCTV system security in the shopping mall.<\/p><\/div><\/p>\n

ANALYTICAL APPROACH\u00a0<\/span><\/h3>\n

Beyond the checkout stand and its video cameras, public view monitors, which display surveillance images from all areas of a store, have proven to cut shoplifting by up to 80%.<\/p>\n

\u201cVideo analytics is the capability of automatically analyzing video to detect and determine if an anomaly has taken place based on a set of instructions built into the video software,\u201d says Robert\u00a0Moraca, National Retail Federation vice president for loss prevention. \u201cThe technology is able to count items, superimpose the register receipt over the video and then track things like item count compared to the register receipt, voids, returns and even instances where the cash register drawer has been open too long.\u201d<\/p>\n

Analytics allows retailers to identify incidents that lead to theft, establish relationships between them and adjust or change businesses practices to\u00a0reduce them.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”Technology of the trade” _builder_version=”4.25.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” global_colors_info=”{}”]<\/p>\n

TECHNOLOGY OF THE TRADE<\/h2>\n

Burglar alarms, digital video surveillance, use of armored cars for deposits, point-of-sale analytics, and customer-visible close circuit monitors are the top five loss prevention methods currently in use. The emerging technologies stores are investing in are:<\/p>\n

[\/et_pb_text][et_pb_blurb title=”RFID (radio frequency identification) systems \u2013 38.6%” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -RFID (radio frequency identification) systems \u2013 38.6%” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”POS\/SCO video analytics \u2013 29.8%” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -POS\/SCO video analytics \u2013 29.8%” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”License plate recognition \u2013 19.3%” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -License plate recognition \u2013 19.3%” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”AI-based perimeter surveillance \u2013 14%” use_icon=”on” font_icon=”||divi||400″ icon_color=”#cc6633″ icon_placement=”left” admin_label=”Blurb -AI-based perimeter surveillance \u2013 14%” _builder_version=”4.25.0″ _module_preset=”default” animation_style=”fade” animation_delay=”750ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_text admin_label=”Other steps” _builder_version=”4.25.0″ _module_preset=”default” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

The use of merchandise alarms, including RFID, is the fastest-growing trend in loss prevention technology.<\/p>\n

OTHER STEPS<\/h3>\n

Loss prevention technology isn\u2019t the only way to slow theft.<\/p>\n

Employee training<\/span><\/strong>\u00a0is a valuable tool in deterring theft. Associates should be trained to be vigilant both inside and outside the store.<\/p>\n

Product knowledge<\/span><\/strong>\u00a0is also a big part of deterring theft. Some shoplifters swap UPC stickers or tags on items they want to steal for those on cheaper items. Solid product and pricing knowledge\u00a0prevent\u00a0these kinds of schemes.<\/p>\n

Interacting with your customers<\/span><\/strong>\u00a0is another way to reduce shrinkage, according to Curtis Baillie, an independent security management consultant. He says attention is the last thing shoplifters want and if they are getting it from\u00a0sales associates, they\u2019ll most likely take their \u201cbusiness\u201d elsewhere.<\/p>\n

Monitoring your garbage<\/strong><\/span>\u00a0can be a theft deterrent, too. Some shoplifters drop items into trash bins inside and outside a store and then return to collect them later. So, keeping an eye on the garbage can keep merchandise on the shelves.<\/p>\n

\u201cA successful program to reduce\u00a0(shrinkage)\u00a0at POS leverages both technology and training,\u201d Lisa\u00a0LaBruno, senior vice president for retail operations at the Retail Industry Leaders Association (RILA), an industry organization, tells\u00a0CSO Online. \u201cAmong the key components of associate training is making every employee feel like he or she has a responsibility to prevent shrink from occurring.\u201d<\/p>\n

Loss prevention technology is continually evolving as it deals with new and increasing threats. Often, the best defense is to use the new tools technology provides to deter the onslaught.<\/p>\n

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Inventory shrink cost U.S. retailers just under $100 billion in 2022 making an investment in loss prevention technology a wise move.<\/p>\n","protected":false},"author":13,"featured_media":29406,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3,16,4,90,18],"tags":[214,213,235,125,260,261,215,187,262],"class_list":["post-27735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-posts","category-how-tos","category-industry-news","category-popular-posts","category-retail-hacks","tag-best-buy","tag-home-depot","tag-macys","tag-national-retail-federation","tag-nordstrom","tag-retail-industry-leaders-association","tag-target","tag-walmart","tag-watcher-total-protection","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\nIs it Time to Upgrade Your Loss Prevention Technology? 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