Fraud has been increasing year over year for more than a decade. 2017 saw more than $60 billion in losses by US companies. Retailers are particularly exposed.
The retail industry has long been been victimized by fraud. Whether through counterfeit payments (chargebacks) via credit cards, personal checks, and cash; return receipt fraud; or in-store credit application fraud; retailers have been a key target of fraudsters.
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.
But, it is no longer a necessary "cost of doing business" to allow these criminals to steal your hard-earned profits - by making sure that all forms of payment and identity documents are authentic and fraud-free by using counterfeit detection scanners during every transaction. Our line of counterfeit detectors check payments and identity documents for their invisible security features using very simple, but effective, technology.
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.
Read more about fraud and how to prevent it by selecting your industry below.