Helping SA retailers combat fraud

Issue 1 2022 News & Events

As South African retailers continue their recovery after two years of varying lockdown levels while navigating fresh headwinds in the form of increased interest rates and record petrol prices, retail shrinkage continues to present a real and growing threat to their bottom line. In an effort to address retail fraud, made worse by increasing digitisation and cybercrime, retail software specialist redPanda Software has partnered with IntelliQ to bring cutting-edge fraud analytics to more retailers.

Retail shrinkage, or loss of inventory, can be attributed to many factors such as employee theft, shoplifting, administrative error, vendor fraud, cybercrime, damage and cashier error. The result means a loss of profits for retail businesses.

With a deep understanding of the retail environment, redPanda Software understands that retail shrinkage is a persistent problem with real implications for the bottom line. It’s not just a South African issue.

In 2020, the National Security Survey, which is conducted among US retailers, found that shrinkage was at an all-time high, accounting for 1,62% of retailers' bottom line and costing the industry $61,7 billion. It was also found that seven in 10 businesses calculate a shrink rate that exceeds 1%.

The 2021 survey found that loss prevention and asset protection professionals have taken steps to address the shifting landscape, which as anyone in South Africa would attest to, involves a noticeable spike in cybercrime.

Online crime syndicates are well-aware that as retailers increasingly digitise their businesses and move to omnichannel strategies to improve their engagement with customers, there is an exponentially increased attack surface, such as the 'buy online, pick up in store' functionality, among others. This danger extends to threats inside a business, such as rogue employees or systems that need addressing.

Gerhard Nortje, redPanda Software managing director, says: “As a leader in retail software solutions, we are constantly looking at ways we can enhance our offerings to our existing and growing client base, whether it be bespoke solutions built by our highly-qualified teams, or through world-class partnerships such as the one with IntelliQ. This partnership enables us to provide retailers with many years’ experience in shrinkage reduction through the deployment of the IntelliQ fraud analytics solution.”

The IntelliQ Forensic Analysis solution provides retailers with a sophisticated fraud analytics platform for identifying invisible employee dishonesty at the point of sale, as well as procedural non-compliance and external fraud incidents including ecommerce and omnichannel.

Share this article:
Share via emailShare via LinkedInPrint this page

Further reading:

Pentagon appointed as Milestone distributor
Elvey Security Technologies News & Events Surveillance
Milestone Systems appointed Pentagon Distribution (an Elvey Group company within the Hudaco Group of Companies) as a distributor. XProtect’s open architecture means no lock-in and the ability to customise the connected video solution that will accomplish the job.

SMART Estate Security returns to KZN
Nemtek Electric Fencing Products Technews Publishing Axis Communications SA OneSpace Editor's Choice News & Events Integrated Solutions IoT & Automation
The second SMART Estate Security Conference of 2024 was held in May in KwaZulu-Natal at the Mount Edgecombe Estate Conference Centre, which is located on the Estate’s pristine golf course.

From the editor's desk: Just gooi a cable
Technews Publishing News & Events
      Welcome to the 2024 edition of the SMART Estate Security Handbook. We focus on a host of topics, and this year’s issue also has a larger-than-normal Product Showcase section. Perhaps the vendors are ...

Secutel wins OSPA Award for Outstanding New Security Product
Secutel Technologies News & Events Access Control & Identity Management
[Sponsored] Secutel Technologies’ NoKey Access Control solution won the Outstanding New Security Product category at the 2024 OSPAs in South Africa. The awards were presented at Securex 2024 where all category finalists were recognised for their contribution to the security industry.

ONVIF launches new working groups for cloud, metadata and audio
News & Events Surveillance
ONVIF, the global standardisation initiative for IP-based physical security products, is announcing the formation of three new working groups to tackle standardisation work in cloud connectivity, audio, and advanced metadata.

Inaugural Gallagher Security Johannesburg networking roadshow
Gallagher News & Events
Held at Johannesburg’s Foghound Coffee Company in Midrand from 11 to 12 June, security industry professionals gather at the inaugural Gallagher Security Johannesburg Networking Roadshow.

Trend Micro launches first security solutions for consumer AI PCs
Information Security News & Events
Trend Micro unveiled its first consumer security solutions tailored to safeguard against emerging threats in the era of AI PCs. Trend will bring these advanced capabilities to consumers in late 2024.

Dallmeier receives ISO 27001 certification
Dallmeier Electronic Southern Africa Surveillance News & Events
Dallmeier has received ISO 27001 certification for its Information Security Management System (ISMS). The international standard for information security management ensures that companies meet the highest standards of data protection and data security.

Local manufacturing is still on the rise
Hissco Editor's Choice News & Events Security Services & Risk Management
HISSCO International, Africa's largest manufacturer of security X-ray products, has recently secured a multi-continental contract to supply over 55 baggage X-ray screening systems in 10 countries.

SAIDSA achieves ISO 9001 certification
SAIDSA(SA Intruder Detection Services Association) Associations News & Events Training & Education
The South African Intruder Detection Services Association (SAIDSA) has announced that it has achieved ISO 9001:2015 certification. This milestone reflects its commitment to quality management and excellence in the security services industry.