Loss prevention tactics began with in-store monitoring and patrol. As our technologies evolve and the popularity of online shopping continues to grow, security measures have improved. In fact, a U.S. retail fraud survey revealed that spending on store fraud prevention declined while online fraud prevention spending increased.
Because cybercriminals are constantly sharpening their skills, loss prevention specialists are using new technologies to their advantage as well. For example, data analytics have helped specialists understand suspicious behaviors and patterns in the e-commerce and m-commerce environment, and social media vigilance has helped to identify potential threats.
As the retail industry continues to expand and grow, what’s to come in the future of retail loss prevention?
It’s true that retail uses a variety of different technologies to operate, including point-of-sale transaction profiling as well as RFID tracking. However, now more than ever, video surveillance is playing a larger and smarter role.
With video surveillance, loss prevention officers have been able to catch thieves in the act and the recordings have provided excellent evidence. With the introduction of built-in facial recognition technology and video analytics, video surveillance can do so much more.
In the same vein, the smart features, connectivity and convenience put these devices at risk. While their role is to protect the business, retailers must do their part to protect their devices, data, shoppers, and employees.
IT & Outside Vendors
Because of this, loss prevention specialists must develop their knowledge and skills with the new technology. They should understand how to use data analysis to identify ever-changing criminal activities, such as new ideas, concepts and schemes.
Loss prevention specialists, cybersecurity specialists and IT team members must all work together to create a system that complies with privacy issues and maintains heightened security to prevent any data breaches or disasters.
Development Of New Responsibilities
As retailers begin to shift from their brick-and-mortar stores (some even closing completely) to focus on e-commerce and m-commerce, the role of data loss prevention specialists will morph into something new, which encompasses more aspects involved in keeping a company safe and secure.