MIAMI, May 31, 2019 /PRNewswire-PRWeb/ -- Synaptic Ai, a video and artificial intelligence company based in Miami, recently released its latest product, Currency Ai. Synaptic's Currency Ai can be integrated with virtually all modern cameras and point of sale (POS) systems to monitor hand-to-hand cash transactions and to prevent employee theft or cash skimming where an employee pockets some or all of a sale without ringing it up.
Employee theft made up 33 percent of a $46.8 billion loss to American retailers in 2018, according to the annual National Retail Security Survey published by the National Retail Federation (NRF) and the University of Florida (UF).
"The costs to retailers from employee theft are simply quite staggering," said Synaptic's Ai's founder Sal Salman. "Our Currency Ai puts the power of artificial intelligence into the hands of business owners to affordably and efficiently monitor cash transactions."
Synaptic's Currency Ai is a software-based program that uses artificial intelligence for object recognition and to analyze cash transactions. When Currency Ai recognizes that cash is being handled, it communicates directly with POS systems to determine if a sale has been made. If no sale was recorded, then an alert will be triggered to the business owner or manager, who can directly assess if theft has occurred by accessing the recorded video from Synaptic's secure cloud servers.
Many frauds involve "diverting small sums of money over a long period of time. In 28.7 percent of 2016 cases, the employee theft took place for more than five years, which makes detection challenging, according to Security Magazine. Other uses for Currency Ai include ensuring that lottery tickets, gift, and phone cards are only activated when a customer is present, and to also monitor customer interactions and analyze customer traffic patterns.
Synaptic's Currency Ai has value for retail and convenience stores, banks, the food and hospitality industry, such as bars, and any type of business that involves a large amount of cash transactions. Synaptic's Currency Ai is currently in use in the Miami area at Natural K9 stores, suppliers of natural dog products, and in late May, Synaptic Ai went in to a development deal with Ripley's Believe It or Not! to monitor cash transactions in its largest North American location in NYC's Times Square.
Synaptic Ai is based out of Miami and offers a number of affordable automated solutions powered by artificial intelligence including facial recognition, object recognition and automatic license plate reading to customers across the country.
Please visit https://www.synapticai.com/ to learn more.
Sal Salman, an artificial intelligence developer, founded Synaptic Ai in 2018. Sal is a three-time University of Miami Hurricane, attaining a BBA in Computer Information Systems, a M.B.A, and a M.S. in Computer Science. He has been in the automation / systems engineer space for over 15 years, building sophisticated aviation applications for American Airlines and Inventory Management applications for Burger King Corporation.
Sal Salman is also the owner of the Natural K9 dog supply stores, and b-roll footage and interviews can be obtained by arranging a visit to one of the Natural K9 stores in South Florida, or online here: https://vimeo.com/332083597
MEDIA INQUIRIES:
Jennifer Witherspoon, [email protected], 386-262-6023 or
Sal Salman, [email protected], o: 386-262-6023, c: 305-298-1323
To see Currency Ai in action, conduct interviews and to take B-roll footage at a Natural K9 store in South Florida, please contact:
Carmem Santos, [email protected] 305-514-0577
SOURCE Synaptic Ai
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