September - October 2020

Page 66

LOSSPREVENTIONMEDIA.COM

By Loss Prevention Media Staff

LP Magazine Hosts ORCA Technology Innovation Summit

The magazine website, LossPreventionMedia.com, offers readers daily breaking news, industry surveys, videos, press releases, case studies, and original articles from LPM writers and loss prevention contributors. The website is updated daily with the latest information included in our daily e-newsletter. Sign up at LossPreventionMedia.com/subscribe for free to add your email address to receive our newsletter and other digital offerings.

O

rganized retail crime associations (ORCAs) across the nation are working diligently to enhance investigations and build cooperative relationships in the battle against organized retail crime (ORC). Considering the growing impact on our retailers and our communities, these critical organizations underscore an increased effort on the part of retailers, law enforcement agencies, retail associations, and district attorneys to work together to confront organized retail crime issues at the local, state, and regional levels. As emphasized as part of the recent National ORCA Leadership Conference, communication and information sharing are at the heart of this mission, but finding the right technology tools that support these diverse needs and are user-friendly, efficient, highly secure, and affordable is a tremendous challenge for these important groups that often operate on limited budgets. These types of solutions require exceptional partners with means and resources to provide an effective and secure platform, and those that understand the mission and are willing to work with the ORCAs to bring it all together. As part of our ongoing support for the Organized Retail Crime Associations (ORCAs) across the nation, LP Magazine hosted an ORCA Technology Innovation Summit on Wednesday, September 16th, bringing together ORCA leadership teams to meet in a closed session with controlled access. Six solution providers that offer data management, data sharing, and data analytics were invited to attend. Some offer artificial intelligence, some with facial recognition, and all with capabilities to meet the critical needs of the ORCAs and their membership. Read the full article on LossPreventionMedia.com.

“Two-and-a-half years ago, organized retail crime was not part of our vocabulary,” explained John Goldyn, senior director of loss prevention at Ulta Beauty. But as the retailer quickly grew, so did their losses. Theft of high-demand, easy-to-resell products were beginning to have to a material financial impact. “We started to get really concerned about the John Goldyn rise in ORC groups at the store level,” said Goldyn. The company’s journey to support stores in the fight—to help them manage the difference between shoplifters and professional criminals—followed a traditional management roadmap to success. Building an ORC-fighting capability at Ulta Beauty began with the collection of financial data that allowed LP to distinguish between theft types, so it could relate the story of how professional criminals differed from shoplifters. “One of our first jobs was to let everyone know how it affected us,” Goldyn explained. “Good intel is needed to set the stage to secure support of the stores and to sell the idea to the C suite.” Read the full article on LossPreventionMedia.com.

True Cost of Fraud Study Finds 7.3 Percent Increase for US Retailers By Loss Prevention Media The 11th annual LexisNexis® Risk Solutions 2020 True Cost of FraudTM Study: E-commerce/Retail Report surveyed risk and fraud executives at e-commerce and retail companies in the US and Canada and reveals that fraud continues to increase and most acutely affects mid- to large-sized e-commerce retailers and merchants. Retailers experienced increased online and e-commerce fraud volumes and monetary losses correlating to a mass shift to online and mobile transactions during the COVID-19 pandemic. The result of increased fraud volumes translates into a 7.3 percent increase in the cost of fraud year-over-year for US e-commerce and retail merchants. The LexisNexis Fraud MultiplierSM shows that every $1 lost to fraud now costs companies an additional $3.36 compared to $3.13 in 2019

LP Team Finds Value in Clichés as It Takes Aim at ORC By Garett Seivold Professional buzzwords and clichés can be eye-roll inducing, but there is good reason why “buy-in” and other management mantras become popular. Especially when building a team from scratch, they often are exactly what is needed.

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