When it comes to preventing fraud and theft at Point-of-Sale (POS) systems, nearly every business owner knows that each dollar saved direct to the bottom line is worth many multiples when it comes to the increase in revenue that would be needed to match it.
We know it too – and that’s why eConnect has been working to better connect our customers with the tech of tomorrow to solve the real-world POS theft issues of today.
With the development of Artificial Intelligence around check items and activities, we’ve taken this experience one step further to provide better, more comprehensive, and more thorough POS, employee, and transaction monitoring that helps prevent potential sources of fraud while maximizing the efficacy of resources put into theft prevention.
Using AI To Conquer The Flood of POS Data
Perhaps one of the weakest links in the theft-prevention chain is in the identification of unusual activities itself.
Too often, it is simply impossible for operators and owners to keep resources directed at all avenues of potential fraud, including POS monitoring, employee monitoring, and inventory monitoring across the entire establishment.
As we’ve discussed before, it is this major influx of available data – including all transactions, all employee interaction with the POS system, and all of those suspicious behavior patterns visible just under the surface that will cause the greatest trouble for the hospitality industry in the future.
For many operators this influx of data has represented a major benefit, allowing business owners to more thoroughly track and monitor transactions in real-time. The problem, however, is that the more of this data you acquire, the more time and resources it takes to fully analyze everything it represents. That makes it just that much easier to hide suspicious behavior among the thousands of other transactions that can occur in a given time period.
You can collect page after page of highly useful data, but it can all be largely useless without any way to organize and understand what the data may be telling you. In order to conquer this wall of Big Data, Operators need a better way to not only collect, but digest and analyze data as it comes in and be able to respond as quickly as possible.
That’s where AI can play a major role in preventing POS theft – by analyzing, in real time, all transactions, behaviors, and employee interactions to more intelligently identify suspicious activities and alerting Operators with much more speed and efficiency than has previously been possible.
Intelligent POS Analysis
Our research has shown that just as different activities have different threat potentials when looked at as indicators of fraud and theft, so too can different combinations of activities either enhance (or diminish) the likelihood of theft or fraud.
These combinations of events – not just the events themselves – actually offer some of the most reliable predictors of whether the underlying activities should be reviewed as an expected training issue that can be addressed, or as a precursor to fraud.
One of the major benefits to utilizing AI technology in this way is that it can integrate seamlessly into a wide variety of existing POS and video systems, meaning business owners can supplement their existing POS theft and fraud prevention strategies with the intelligent and objective analysis of AI.
eConnect’s analytics will identify individual behaviors that carry potential fraud markers and “score” these behaviors on how closely they meet embedded fraud profiles. By listening to every transactional keystroke made on each one of your POS terminals, our Behavioral Intelligence Engine can quickly analyze for suspicious behavior patterns, flag employees who deviate from statistical norms for further review, and quickly identify occurrences of theft or procedural errors when integrated with video surveillance.
This allows Food and Beverage operators to review the most suspicious activities that have occurred and to allocate always-scarce resources to the tasks most likely to enhance long-term profitability and even liquidity.
Put the Power of AI To Work For Your Bottom Line
Although AI and machine learning may seem like technology from the future, our customers have found very real, very practical, and very necessary applications for AI technology across the theft prevention spectrum.
Historically, employees bent on committing acts of theft and fraud have known exactly who to look out for – and, barring direct oversight from their employers, have often been able to avoid detection simply by flying low enough under the radar to avoid arousing suspicion.
Adding AI into your surveillance and POS systems allows you to eliminate those human blind spots with the always-present and highly-efficient analyzation powers of an interconnected and intelligent AI tool.
By integrating AI capabilities into existing video monitoring and POS technologies, businesses have been able to more quickly and more efficiently identify and stop fraud and theft behaviors long before they do damage to the bottom line – and that often translates into real, measurable savings for Food and Beverage operations, Gaming operations, and other high-volume businesses dealing with many points of sale.
AI technology is not only the wave of the future – it’s here now, and making a big difference. If you’d like to learn more, we’d love to get connected to show just how much AI can do to stop POS theft and provide peace of mind in the years ahead.