Loss prevention professionals in Scandinavia showed their determination to combat crime and better serve customers by sharing key business intelligence at the Retail Risk conference in Stockholm on 11th May.

The delegates, who came from the major retailers active in the region, didn’t hold back when it came to questions about the challenges facing them, and answers.

Online risks were highlighted as an emerging challenge, and delegates had plenty to say about their main areas of online and in-store loss, and their technology wish lists.

A line-up of expert speakers gave a series of thought provoking presentations.

Fredrik Malmström, Legal, Risk and Compliance Manager, Novamedia Sverige AB, called on risk managers to develop their expertise, brief and remit in order to stay relevant. Assessing the risk management function and where it sits within organisations, he urged his audience to add value by looking at risks from a business perspective.

In an incisive presentation on the scale of online fraud and the risk of ‘false positives’, Brook Pietsch, Sales Director EMEA, International Sales, Kount, Inc. revealed data suggesting firms’ losses from turning down genuine online transactions can greatly exceed losses from online fraud. Kount’s technology, he said, enables firms to identify the sweet spot between false declines and soaring chargeback costs.

Erik Jerker Engstrand, CEO and Founder, SAFE Shopping Centers Group, took delegates through his check list of best practices to ensure the physical protection of customers, staff and stores. He reviewed the effect on business of a terror attack and made a strong case for certification of shopping centres to ensure operators are fulfilling a duty of care.

Two firms in the business of video-surveillance solutions shared the stage with a masterclass on how to capitalise on smart video and create the “intelligent High Street”.

Andy Martin, Business Development Manager, Axis Communications, and Martyn Ryder, VP Sales and Marketing, Morphean, discussed the use of cloud based video surveillance to improve loss prevention and improve the real-time shopping experience. In a video case study Ryder showed how smart cameras can pick up fraud such as card skimming, and help stores to better deploy staff.

Paul Bessant, Founder, Retail Knowledge, conducted the interactive Survey with results transmitted to delegates in real time at the event. The material, with commentary, will be compiled into a detailed report and attendees at each Retail Risk conference will gain access to Survey results from the whole series of conferences.

In an engaging two part session Andy Wainwright, Fraud Risk Manager, Express Gifts, shared his winning strategies on managing online fraud. He looked first at the way fraud is evolving before discussing the defence model, a response plan and ‘the creation of the angry customer’. He invited delegates to share best practices and left them with a list of simple, cheap and effective changes they could make or suggest for their online business.

In another joint session Matthew Dunn, Senior Solution Consultant, Oracle Retail & Steve Lakin, Industry Specialist, OLR, explained how Oracle’s XBRi loss prevention service and its partnership with OLR can improve retailers’ analytics capability and ensure they are getting maximum ROI – now and in future.

The last of the speaker sessions was from Tony Sales, the man formerly known as “Britain’s Greatest Fraudster”. His grand finale performance held the audience in a vice like grip. Tony shared vital insights on how to protect data from e-theft, a risk that he predicts will destroy major brands in the near future. A reformed character these days, he collaborates with businesses by ‘stealing’ their data, before returning it and showing how it can be protected.

“A good vibe and a good combination of business discussion and socialising,” was Paul Bessant’s comment on the day. “Good, interesting, informative” and even “brilliant”, was how delegates summed up the conference.