Profit protection is currently in turmoil, with a lower net margin due to rising costs, managers are having to target areas in their operations that are losing money. Having an intelligent business system video analytics system can stop the tipping point of loss by protecting your profits and saving unnecessary inventory wastage. Our Transaction Checker can pinpoint the exact moment a loss occurs in your supply chain or retail environment and will present you with the necessary evidence to separate genuine losses from fraud or mistakes, streamlining your investigative process and protecting your assets. Here are 5 ways the transaction checker has saved profits across different use cases.
Case 1: Search your transaction ID
There has been a dispute about a transaction in your business and a manager has been assigned to investigate the query. With your stand-alone security system, the data corresponding to the transaction ID is not linked to the footage. This means the manager must search through hours of video footage and compare it with the time a transaction was entered into the system. This is a very lengthy process, and it is possible that the value of the transaction would determine whether it is worth the time and resources needed for an investigation.
How Morphean solves it:
Setting up the transaction checker is easy; you can connect your video camera to the platform in seconds. During the initial set-up process, your transaction data is joined using a secure platform connection. Our Morphean support team will work in collaboration with your Data / IT team, so you are completely supported throughout the entire process.
The transaction checker will instantly store your video footage alongside the corresponding transaction data giving you a real-time overview of the business on the dashboard. By simply entering your transaction ID, you will instantly be able to pull up the corresponding footage. When delegating investigations, it is easy to assign permissions across teams meaning you can allocate investigative tasks to the most appropriate person instantly to make the investigation seamless.
An ATM company had remarkable success using the Transaction Checker for reactive investigations based on known transaction IDs. Regarding complaints that the ATM failed to dispense the correct money, the feature was used to quickly find the transaction and validate the case just by entering the ID.
Case 2: Find your footage and review
Manually reviewing CCTV footage is a lengthy process, especially in businesses where hundreds of transactions happen in a day. On sites like this (with multiple cameras) the time spent, and necessary resources are not worth the potential money retrieved from a fraudulent transaction. Meaning you may have to cancel the investigation, losing the money and overlook the crime.
How Morphean solves it
The video footage is automatically linked to the transaction ID, saving a significant amount of investigating. The platform allows an investigator to judge how best to deal with a complaint or enquiry immediately and manage it with confidence. Through the platform, you will be able to customise what amount of edge or cloud-based storage suits your business. Furthermore, Morphean’s VideoProtector manages the secure connection of the cameras to their Hosted Software with continuous health-check monitoring meaning you can always be assured your footage is saved and protected.
Staff at Footasylum, a fashion streetwear and sportswear retailer with over 65 stores across the UK customer experience used to manually search for order details using the transaction ID (which could take up to 30 minutes) with some cases being abandoned if items were under a certain value which meant the losses, they were making on returns was increasing.
Case 3: Storage vault
Customer incidents such as deliveries or the missing stock may have a delay in being alerted to the customer service team or management. With an on-site storage system, footage often expires quicker than an incident can be investigated rendering the footage useless. Furthermore, storage can fill up and mean that valuable footage may not even be recorded, making it almost impossible for an investigation to take place, meaning your valuable evidence is easily lost.
How Morphean solves it
The camera records continuously to local network attached storage and can be held for up to 90 days. There is also the option for important footage to be saved securely in our cloud-based storage vault until you decide to delete it, giving you full control over how long you keep evidence. Your evidence is stored as a verified time and date stamped video providing you with the confidence and tools to investigate precisely into what happened, when and who actioned it.
For serious crimes involving ATM’s, it is important that incriminating footage can be stored to identify repeat incidents over longer periods of time such as suspicious high-value withdrawals from the same card over multiple ATM locations.
Case 4: Sharing footage and problem resolution
Since 2018 there have been stricter rules on sharing CCTV footage taken in the workplace due to GPDR regulations. Recorded footage should have its access restricted to make sure information is secure and, where necessary, encrypted to protect the rights of those recorded. Therefore, there is no worries about raising ethical concerns when your footage needs to be shared with relevant parties to resolve your dispute.
How Morphean solves it
On the platform, it is easy to cut your footage to the right moment and create a file which can be shared with whom it concerns. Give your customer an unmatched quick and transparent customer experience by sharing the time and dated footage of their order being picked and packed. Or in cases of crimes, it is easy to send evidence to the right authorities for the crime to be investigated further. It will be sent in an encrypted password-protected file which can be used safely to access the footage without exposing confidential data ensuring you will not have to worry about GDPR (General Data Protection Regulation) regulation.
FootAsylum was able to simply attach the footage of the customer's order being packed and could instantly send this to the courier and customer for disputes. This allowed for customer disputes to be solved quickly and efficiently. By sharing this footage, it resulted in a 50% reduction in missing items reported from delivery and a 25% increase in courier success rate, improving profits and customer experience.
Case 5: Linking with other analytic features
Your business may have further concerns about issues that need to be reactive rather than preventative (ex: out-of-stocks, intrusion). With your existing security system, installing the appropriate business analytic features to combat these business functions may be difficult. If there are multiple sites to manage, this could become a time-consuming task to ensure analytics are effective across all sites. In terms of cost, you must purchase a license for a feature you later realise is unnecessary, creating an unwanted business expense.
How Morphean solves it
Additional Morphean features can also be used in conjunction with the transaction checker to alert criminal behaviour. With security features such as loitering detection linked to alarm zones or aggression detection, you can strengthen your security as well as your business efficiency. You can also add 24/7 protection from an ARC (Alarm Receiving Centre), so any incidents are quickly alerted to and investigated by a third party. Furthermore, Morphean is a monthly rolling service in which you can add on additional analytics as your business needs change, so there is no expensive upfront investment.
To complement the solution, advanced analytic detection can be used with object classification to detect motorbikes approaching directly towards the ATM to protect the withdrawn cash from being snatched from a user's hand. Loitering protection was also installed to alert if two or more people were detected within a monitoring zone for longer than 1 min. Both these actions would trigger an alarm which was sent to the ARC, where they could use audio to challenge the loiterers or notify police about a crime.