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Department stores need to protect against fraud now more than ever as criminals are increasingly using technology against them. Fraud is a problem that costs more than $221 billion worldwide and that number is steadily increasing.
Department stores experience losses from identity theft, e.g., the use of fake identification to create fraudulent store credit accounts, and fraudulent or stolen credit cards. They also suffer from payment fraud – the use of counterfeit instruments, such as fake currency or phony checks. These losses affect the bottom line in an industry that is already struggling from a difficult economy and low levels of consumer confidence. Such losses make it hard for these retailers to increase or even maintain their profits.
Facing increasing regulatory pressures, department stores that issue credit must also comply with the Fair Credit Act, the Free and Accurate Credit Trade Act (FACTA) and the Customer Identification Requirements under the Bank Secrecy Act. Most important relative to these various mandates are the "Red Flag Rules" associated with FACTA which dictate that issuers of credit must proactively involve themselves in the fight against identity theft by creating a procedure, documented with step–by–step instructions, for how to validate ID documents of any individual applying for and being issued credit.
Counterfeit detectors are the first line of defense for department stores, helping to reduce store credit fraud and lower counterfeit related theft while simultaneously increasing profits with easy to use, inexpensive and reliable protection controls that stop fraud immediately. We design and manufacture proprietary products designed to eliminate crime before it occurs. FraudFighter™ provides enhanced fraud prevention with products that verify the authenticity of identification at the time they are presented to stop crime immediately.
Employ a proven fraud prevention program that stops crime before it starts.