Qognify wins award for innovation in retail risk management at Fraud Awards 2022

Oct. 20, 2022
Qognify’s BVI has been implemented to support the retailer’s loss prevention team, and it has a proven track record of efficient return on investment

PEARL RIVER, N.Y., October 20, 2022 Qognify, a leading provider of video and enterprise incident management solutions, has won at the Retail Risk 2022 Fraud Awards, for its work with Data Installation & Supplies Ltd. (DIS) to provide Business Video Intelligence (BVI) to a large multinational clothing retailer. The companies are recognized in the Most Innovative Retail Risk Management Cross-Functional or Supply Chain Solution category.

Qognify’s BVI has been implemented to support the retailer’s loss prevention team, and it has a proven track record of efficient return on investment, helping to reduce fraudulent customer claims, whilst improving efficiencies within warehousing and distribution.

The Qognify BVI solution works by combining video footage from a retailer's video management system (VMS) with transaction data from its business-related IT systems. In linking these previously connected systems, Qognify BVI creates a new level of information that can be used in the prosecution of crime, and to transform processes that improve safety, security and operations. For example, retailers can use Qognify BVI in combination with its stores Point of Sale (POS) system to investigate suspicious transaction types such as cancellations, returns or void transactions at the checkout.

BVI can also be used to document pick and pack as well as the returns handling processes, and the transfer of liabilities in the warehouse. In this instance, the video system is connected to barcode scanners or to the ERP/warehouse management system to combine video and transaction data. This approach provides an opportunity to avert false claims and fight organized retail crime while also benefiting staff and customers, who can quickly and easily accurate information regarding the status of orders, replacements and returns.

The winner of the 2022 Fraud Awards, Most Innovative Retail Risk Management Cross-Functional or Supply Chain Solution category, needed to demonstrate an innovative product, solution or service that has a risk and loss prevention benefit, but that sits outside of the Profit Protection. The judges also looked for innovations that reduce shrink in either physical aspects of driver, vehicle, and site security or in managing the complexities of delivery and replenishment fulfillment.

UK & Ireland Channel Sales Manager at Qognify Nigel Austin comments: “The Qognify team is proud that this innovative project has been recognized with a Fraud Award 2022. Together we are demonstrating to other retailers around the world, how to harness the power of video.”

Director of Retail & Banking at Qognify, Christy Bauswell adds; “The Qognify BVI solution is capturing the attention” of medium and large national and multinational retailers for its ability to connect the dots between previously disparate systems, and in doing so deliver meaningful insights that can be used for criminal investigation and prevention, whilst also improving logistics and operational performance.”  

The award was presented on October 6, in Leicester UK, at a gala ceremony that took place during the Retail Risk event. 

About Qognify

Qognify helps safeguard your world, focusing on the outcomes of customers, who place a premium on physical security. Providing solutions to mitigate risks, increase security and optimize operations, Qognify serves thousands of customers all over the world as a trusted advisor. The comprehensive portfolio of Qognify contains physical security and incident management solutions, which create add value for many sectors including manufacturing companies, transportation authorities, retail chains, banks and other financial institutions, ports and seaports, logistics service providers, schools and universities, correctional facilities, critical infrastructures, and cities. Headquartered in Pearl River, New York, Qognify operates major development hubs in Germany and Israel as well as sales and support offices around the globe.