How Much are Fraudulent Slips, Trips, and Falls Costing the UK Retail Sector Annually?

Do you know how much fraudulent slips, trips, and fall cost the retail sector in the UK per annum? It’s a lot more than you might suspect!

Fraudulent slips, trips and falls claims culture costs businesses more than half a billion a year. It is estimated that many organisations are losing around five per cent of their annual revenue to fraud.

Fraudulent Slips, Trips, and Falls

Audit tracking, litigation and fraudulent claims have resulted in an increased requirement for businesses to store and retrieve security footage over longer periods of time in order to help effectively defend against wrongful allegations.

By 2021 it is estimated that more than 3.4 trillion hours of CCTV footage will be captured daily. To date, the amount of surveillance footage an organisation can save has been limited by physical servers and the sheer scale and size of data. Typically, data is only stored for 30 days. However, with the average claim arriving after 90 days this is far too short. Businesses and organisations are left without the evidence needed to defend themselves.

 

Fraud is a Growing Problem

Fraud is a high volume occurrence, present in any organisation of any size, and is an ongoing business cost. It is important to keep in mind that fraud is a dynamic crime and fraudsters are inventive, adaptable, and able to quickly seize new opportunities to commit this crime. Therefore, ongoing investment in finding methods of raising levels of fraud resilience (a measure of protection against fraud) is growing increasingly important.

Cloud by Ocucon is the solution. Ocucon is the world’s first Video Surveillance as a Service (VSaaS) system, providing unlimited storage for unlimited cameras within the cloud to defend against fraudulent slips, trips and falls. Users of Cloud by Ocucon portal have the flexibility to store uncapped amounts of data for as long as required. This will revolutionise the way in which businesses defend against wrongful allegations and will allow for greater post-recording video analytics that will ultimately generate significant security and business insights.

If your business is a target of retail crime and fraudulent injury claims, Cloud by Ocucon offers a cost-effective solution. Contact us today to arrange a demo of Cloud by Ocucon.