Latest news with #BenoîtKoenig
Newsweek
10 hours ago
- Business
- Newsweek
New Cameras Predict if Somebody Is About to Shoplift, Company Says
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A new form of security camera software that uses artificial intelligence to predict if someone may be about to shoplift is being used in certain stores in the U.S. The camera software, produced by AI surveillance company Veesion, reads body language and hand movement to detect suspicious behavior, allowing shops to prevent robberies before they happen, per the company. Newsweek contacted Veesion for more information on the technology via email. Why It Matters In 2024, there was a rise in shoplifting reports, with the Council on Criminal Justice reporting that the crime increased by 24 percent in the first half of the year compared to the same time period the previous year. Retailers have sought to prevent theft without compromising the customer experience as traditional approaches such as locking up products can frustrate shoppers and have been found to lower sales. What To Know Veesion's system plugs into a store's existing camera network. The software analyzes video feeds and flags sequences it considers suspicious. These alerts appear on staff tablets, phones or even checkout terminals. The technology is currently on trial at around 5,000 stores in the U.S, Canada and Europe. Veesion, which was founded in France in 2018, says its software avoids identifying individuals or collecting biometric data. "Our technology does not allow for the recognition of physical or physiological characteristics, the deduction of emotions or intentions of people," Veesion states on its website. Examples of an AI-powered shoplifting detection software produced by Veesion. Examples of an AI-powered shoplifting detection software produced by Veesion. Veesion Its creators also say that the technology can avoid the biases of other AI-based products, as it doesn't read anything else about the person it is observing, just their body language. "The algorithm doesn't care about what people look like. It just cares about how your body parts move over time," Veesion cofounder Benoît Koenig told Business Insider. In stores, the software works by comparing live footage to millions of examples of shoplifting gestures that the algorithm has been trained on. Over time, the system improves via machine learning, with the stated goal of reaching 99 percent detection rates. Koenig told Business Insider more than 85 percent of alerts have been considered relevant for store operators that use the Veesion system. He said one client in the U.S. was able to halve losses in one section of the store in the first three months of implementation. Retailers also benefit, in theory, from a deterrence created by the strength of the technology. "They know there is an AI in the cameras, so they're going to be careful with what they do," said Koenig. What People Are Saying Veesion cofounder Benoît Koenig told Business Insider: "It's not glamorous, but the ROI is quite direct. You're going to arrest shoplifters, recover inventory, and save money." Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek: "Shoplifting as such a widespread crime during a time of high inflation is actually quite common when you look at similar times from other countries in the past. "The one-two punch that consumers face is not just higher prices, but also a drawback of additional financial resources they would normally qualify for because of their current employment and income outlook." What's Next Veesion, which recently raised $43 million in funding, is expanding its U.S. operations.
Business Insider
3 days ago
- Business
- Business Insider
This AI security tech alerts store staff if it thinks you're trying to steal something
One of the best ways to deal with shoplifting is to prevent it from happening in the first place. That's the goal of Paris-based AI startup Veesion, which has developed an algorithm that can recognize gestures to predict potential retail theft incidents. "I happen to have an uncle in Paris that runs and operates three supermarkets, so I exactly know what shoplifting represents for retailers," cofounder Benoît Koenig told Business Insider. Veesion said its tech is deployed in 5,000 stores across Europe, Canada, and the US. The startup recently raised a $43 million Series B funding round to further its expansion into the US. The alarm over shoplifting has subsided somewhat over the past year as retailers and law enforcement have gotten a better grip on the problem. Earnings call mentions of the term "shrink," the industry term for missing inventory, have come down significantly among the major retailers Business Insider tracks, according to data from AlphaSense, an AI research platform. But even though shoplifting is making fewer headlines (especially compared to retail's splashy new AI capabilities), Koenig said the problem remains a compelling one to tackle with machine learning. "It's not glamorous, but the ROI is quite direct," he said. "You're going to arrest shoplifters, recover inventory, and save money." One key difference between Veesion's tech and some other visual security approaches is that it says it doesn't rely on individual tracking or physical characteristics that could raise concerns about bias or personal privacy. "The algorithm doesn't care about what people look like. It just cares about how your body parts move over time," Koenig said. The system analyzes footage from the existing security camera network to detect humans in the picture, identify their movements, and recognize various objects, such as merchandise, carts, baskets, or bags. If a movement is deemed suspicious, a video clip is flagged and sent to store security personnel, who can then investigate or intervene. Security teams can update the app with additional details about whether the alert was necessary, whether a theft was stopped, or how much a stolen item was worth. Koenig said more than 85% of alerts are marked as relevant for the store operators using the Veesion said one US client was able to cut their losses from the health and beauty section in half in the first three months of implementation. Many US retailers have responded to the shoplifting problem by locking up items or limiting the ways people can shop, but that approach increasingly appears to be backfiring in the form of declining sales and worsening customer experiences. "Retailers have implemented a number of security measures — many to the detriment of the shopping experience — to protect merchandise from theft and to keep their employees and customers safe," the National Retail Federation said in a December report on retail crime. By layering onto a store's existing security camera infrastructure and alerting staff to specific risky behavior, Veesion says its tech can help create a more pleasant shopping trip. Koenig said the tech can also help reduce employee theft, which industry groups estimate costs retailers as much as shoplifting does. "It has an internal deterrent effect," Koenig said. "They know there is an AI in the cameras, so they're going to be careful with what they do." There are further retail use-cases that Veesion is exploring too, including improper scans at self-checkout to slip-and-fall detection. For now, Koenig said the tech is not just effective at detecting and disrupting would-be shoplifters — it also deters them from coming back. "This is much more than just recovering a few bucks," he said.
