Grocery store retailers’ exposure to transaction fraud is at an all–time high. A struggling economic environment combined with the rise of ubiquitous, casual counterfeit crime means that every aspect of a grocery business is vulnerable. Fraud is a problem that costs businesses more than $221 billion worldwide in 2009 alone and is steadily growing.
Grocery store fraud includes the use of fake identification, fraudulent or stolen credit cards, counterfeit funds obtained through counterfeit money, altered checks, counterfeit coupons, and phony travelers/gift checks as well as return receipt fraud. These behaviors all impact the bottom line for an industry that is already struggling economically.
Credit card fraud alone costs U.S. retailers more than $100 billion annually. Counterfeit money costs businesses over $150 million every year, while other counterfeit funds, such as checks, gift cards, and traveler checks, are on the rise. Coupon fraud is the illegal reproduction of commercially issued discount coupons or store promotion currency. Recent studies show that counterfeit coupon fraud may be as much as $11 billion every year. Coupon fraud prevention technology must be used to stop fraud immediately!
Identity verification is vital in the grocery store environment, particularly where restricted products are to be sold. Sales of alcohol and tobacco require age verification – failure to validate age can result in severe fines and expensive legal proceedings and/or the loss of liquor licenses. Sales of over-the-counter cough medicines require compliance with CMEA (Control Methamphetamine Act), which at a minimum means the retailer must log ID’s of suspicious pseudoephedrine purchases.
Loss prevention teams in the grocery industry must optimize protection controls that have practical value in fighting fraudulent crime. We provide cost effective product solutions for grocery retailers that deter crime, require little to no training, and immediately detect counterfeit money at the point–of–sale. FraudFighter™ also provides enhanced fraud prevention layers with tools that act as visual deterrents that prevent crime.
FraudFighter™ will lower fraud related theft with inexpensive and reliable protection protocols that eliminate fraud when it comes to counterfeit money, checks or fake ID and/or credit cards.