Lowe’s Successfully Tests Way To Stop Retail Theft Without Locking Down Products

Lowe’s successfully tested a Mechanism Low-cost radio frequency identification chips can be used to track and lock objects. This includes power tools, and other equipment. Theft.

Public attention has been drawn to the thefts by gangs of robbers during the recent crime wave. Some convenience stores and retailers have spent millions on new equipment. Security measures Oder Closing Locations in dangerous cities.

Lowe’s has introduced Project Unlock, which uses blockchain and RFID technology to render tools “inoperable and virtually worthless” if they are stolen from one of the home improvement store’s locations.

“At the store, a customer takes the product to the register, gets the barcode scanned, and pays,” According to a Website from Lowe’s Innovation Labs. “A point-of-sale RFID scanner reads all tags in range, finds the tool with the correct serial number, and writes a unique secret key value that activates the tool for use. Only products that are legitimately purchased are activated. If a power tool is stolen, it won’t work, which makes it less valuable to steal.”

Lowe’s Chief Digital and Information Officer Seemantini Godbole remarked during an Interview Fox Business can help you find other ways to stop organized retail theft like locking down shelves. “an enjoyable experience that customers rightfully should have.” Project Unlock provides a simple process to unlock your secrets. “invisible” Customers should be able to “not even know that there’s anything extra happening.”

“As you can see, all the retailers are locking down stuff and putting physical locks on the product,” She added that word will spread to thieves, she said. “pretty quickly that stealing these tools this way is not worth it because it’ll never work.”

According to a survey, retailers reported an increase of 26.5% in organized retail crime last fiscal year. Survey The National Retail Federation found that nearly 90% of respondents felt that the recent three-years had increased their risk due to violence, shoplifting, employee theft, or organized theft. Brian Cornell, Target CEO, revealed last year that organized crime has increased. Required The company will increase its security spending.

“This is an industrywide problem that is often driven by criminal networks, and we are collaborating with multiple stakeholders to find industrywide solutions,” Michael Fiddelke, Target CFO, was added. “For example, because stolen goods are often sold online, Target strongly supports the passage of legislation to increase accountability and prevent criminals from selling stolen goods through online marketplaces.”

Trade associations, such as the National Retail Federation (NRF) and the Chamber of Commerce, have been created. All rallied Companies should support multiple laws to increase federal resources for preventing this trend. The Combatting Organized Retail Crime Act would allow for coordination between law enforcement agencies. However, the INFORM Consumers Act would deter the resale or theft of stolen goods online by requiring verification from high-volume third parties on platforms like Facebook Marketplace.

These robberies are occurring as local officials decrease the focus on minor offenses being prosecuted. California is just one of many states that has relaxed the penalties for shoplifting. Approved A ballot measure was passed in 2014. It only prescribed misdemeanor punishments for property crimes that do not involve violent violence. The value of stolen goods must not exceed $950.

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