A Check Kiting Kingdom Comes Crashing Down

Posted by Maddy Moyer on Aug 17, 2016 2:00:00 PM

Lately, we’ve been writing about retailers and restaurateurs contending with activities impacting profits such as losses from employee fraud and theft, inefficient operations, and noncompliance with corporate policies.  However, on June 23rd, 2016 a major fraud scandal hit close to home in nearby Mount Holly, New Jersey, just 15 minutes from our headquarters. This reinforced our thoughts about the universal application of our 20/20 Data AnalyticsTM platform.

The scandal that broke through, after a 2-year investigation, involved an organized sophisticated retail crime technique called ‘Check Kiting’.

Check kiting requires an individual to have an open account at two separate banks or to have one bank account and a 2nd place, such as a grocery store, where they can cash checks.  Within the first account there can be a balance of any amount, for example let’s say $50 dollars, but within the second, there is nothing. This scammer will write a check from the first account and deposit it to the second account for an amount greater than their actual balance, in this example let’s say $70 dollars.

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Topics: ReThink Reporting

Understanding and Preventing Credit Card Chargebacks

Posted by Maddy Moyer on Aug 11, 2016 2:16:00 PM

Every retailer has experienced shoplifting. While the impact of shoplifting has remained constant, the techniques in which these thieves masquerade as customers to walk off with merchandise has changed. Today, credit cards have become a prime channel for shoplifters to walk out with merchandise without truly paying for it and retailers have no way of identifying in real time which customers will be committing the crime.  Let’s consider the credit card chargeback tactic.

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Topics: ReThink Reporting

How to Thwart Employee Theft: The ‘Wagon Wheel’ Scheme

Posted by Maddy Moyer on Aug 4, 2016 2:24:00 PM

As a restaurateur, you’d like to believe that all of your employees are honest people.  While many of them are, industry surveys continue to indicate that most restaurants will experience some form of employee theft.  This could range from hourly employees snacking on French fries, or managers taking home extra comp’d meals at the end of the night.  It is estimated that 75% of all employees have stolen from their employers at least once.  So what if they eat a few fries now and then? It won’t impact my inventory enough to matter, right?  Unfortunately, the majority of the time, restaurant operators aren’t seeing the full picture.  No matter the severity, employee theft has an impact on your bottom line and in some cases that impact can be costly.  One easy to commit, but hard to detect, form of employee theft is called the ‘wagon wheel’ scheme.  This scheme siphons off your profits and, when committed by a number of servers, can put the success of your business in jeopardy.

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Topics: ReThink Reporting

Tricks to Improve Profits for Back to School

Posted by Laura Hills on Jul 27, 2016 1:16:00 PM

It may seem like summer just got started, but for most retailers the back to school shopping season is well underway. This season is shaping up to be no different than the others in recent memory, and by that I mean the trend of individual consumer habits are driving sales. “Retail’s balance of power resides firmly in the hands of the consumer, and forward-thinking merchants who embrace this ongoing shift are poised to recast the future,” STORES Media Editor Susan Reda said. “Merchants who conduct business in an every-channel-of-engagement-matters environment are the ones who cultivate loyal shoppers. They’re also the ones leading retail’s digital transformation.”[1]

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Topics: ReThink Reporting

Turning Sweethearts into Productive Employees

Posted by Laura Hills on Jul 19, 2016 2:00:00 PM

Lately, we’ve been writing about some of the most common types of employee theft, as a part of our loss prevention education series, and our tips on how to identify and solve these issues.  Sweethearting ranks on the top 5 list of common employee theft practices. Sweethearting is the term used when an employee gives away merchandise without charging another party.  Usually involving merchandise that they’re not authorized to give away. 

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Topics: Use Cases

Gotta Catch 'Em All

Posted by Maddy Moyer on Jul 14, 2016 12:45:00 PM

With the newest release of Nintendo’s beloved Pokémon series, Pokémon Go, our office parking lot has turned into the latest and greatest hangout for techies, tweens, and everyone in-between. This has become a common occurrence for many other businesses across the United States.  For some, this game has created an annoyance, as players wander around places they probably shouldn’t or pull out their phones at inappropriate times in an effort to find the closest Pokéstop or PokéGym. But for retailers and restaurants, Pokémon Go presents a great opportunity.

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Topics: Blog

Agilence Featured in CIOReview for Exceptional Retail Technology

Posted by Adam Creamer on Jul 12, 2016 10:31:00 AM

Data analytics and loss prevention leader recognized in retail technology special issue cover story

MOUNT LAUREL, NJ—July 12, 2016 – Agilence, Inc., the leader in cloud-based data analytics and loss prevention solutions for retail and restaurant operations, today announced its feature in the July special retail issue of CIOReview.  In the same issue CIOReview names Agilence as one of the “20 Most Promising Retail Technology Solution Providers for 2016.”

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Topics: Press Room

Data Driven Retail Transformation: An Idea Ahead of its Time

Posted by Laura Hills on Jul 12, 2016 3:30:00 AM

All employees who are tasked with supporting retail and restaurant operations are being challenged to assimilate and disseminate a wealth of information in the form of structured and unstructured data every day. The looming challenge is that the amount of data being generated by customers, vendors, and retailers themselves is growing at an accelerating pace.

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Topics: Use Cases

5 Tips to Upsell for Profit

Posted by Laura Hills on Jun 29, 2016 2:30:00 PM

We’ve all been asked the closing questions as we conclude a purchase.  Do you need socks to go with the new sneakers?  Would you like to add a cookie to your order for only $.99?  Would you like the 3-year warranty for extended protection?

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Topics: Use Cases

'Building a Bank': Reduce Losses by Preventing Internal Fraud & Theft

Posted by Maddy Moyer on Jun 22, 2016 10:30:00 AM

Theft and fraud in retail and restaurants is widely considered a cost of doing business.  Internal fraud and organized theft led by employees are playing bigger roles. It’s estimated that 75% of employees have stolen from their employer at least once. 

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Topics: Use Cases

    

Welcome to the Agilence Blog!

In this blog we will cover all things retail.  Everything from tips for operations and loss prevention, to analysis of current trends and customer habits will be covered here.

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