Loss Prevention Professionals Instantly Detect Fraud with Fraud Fighter.
Retail stores, independent of size or location, can easily have their profits wiped out by retail fraud. A store can experience counterfeit transactions – including fake currency, credit cards and checks (either personal, cashier’s, gift or travelers checks) – or they can be victimized by counterfeit identities. Many such activities are small fraudulent transactions that are easy to overlook, but can add up to huge cumulative losses given the thousands of transactions a single store might experience in one day of business.
Relatively new and increasingly sophisticated types of transaction fraud specific to the retail industry are coupon fraud and return/receipt fraud.
Coupon fraud is the illegal reproduction of commercially issued discount coupons or store–promotion currency. 2009 saw a greater than 400% increase in incidences of this type of fraud over the previous year. The costs associated with these counterfeit types have easily surpassed tens of millions of dollars, according to a survey of 24 major consumer–products manufacturers.
Return receipt fraud is now one of the leading causes of fraud loss across the entire retail industry. According to the National Retail Federation’s annual Return Fraud Survey, the industry lost an estimated $2.7 billion in return fraud during the 2009 holiday season, and an estimated $9.6 billion for the year. What is your acceptable level of risk and how much have you lost to fraud today, this week, this month?
UVeritech Fraud Fighter™ solutions have helped retailers of all types and sizes increase fraud prevention not just in traditional transaction and identify fraud but in these newer, rampant coupon and return frauds.
Fraud Fighter™ solutions deliver solutions that stop fraud at the critical point of sale; at the same time, results have shown an increase in check out times as well as a heightened deterrent to shoppers in attempting a fraudulent act. Without any adverse impact to the customer experience, Fraud Fighter™ solutions address needs of specific types of retailers with site–specific processing requirements; those handling age–restricted sales, controlled substance sales and issuers of credit retailers that need to comply with regulations such as FACTA and the ‘Red Flag’ rules.