Prevent All Forms of Receipted Return Fraud
The printed receipt is often the primary credential that confirms a return transaction’s integrity. But don’t be lulled into believing that validating a receipt eliminates fraud. It is a reality that most retailers experience receipted return fraud, costing the industry billions of dollars every year. In fact, even the best POS systems with centralized receipt databases are vulnerable to illegitimate use of valid receipts by shoplifters, and are also easily compromised by employee-shopper collusion.
Receipt Verification is a powerful and proven tool for preventing receipt fraud in your current return process. Unlike other systems, Receipt Verification is a statistics-based tool employing an analytics model. (Combined with Verify-2 it can factor consumer risk, too.) It approves every legitimate return accompanied by a receipt, and denies receipted returns that are attempted with invalid or over-used receipts.
How It Works
In real-time, Receipt Verification compares data entered or scanned from the receipt against a chain-wide database. Using predictive analytics, the information is cross-referenced with the original purchase data and any other linked transactions, compared against your return policies, and processed through a computer model that a) differentiates clerk error from receipt fraud and b) compares receipt usage against known fraud trends. The result is a decisive action and instant alert.
Proven Results and Guaranteed ROI
A powerful retail Loss Prevention tool, Receipt Verification lets you meet receipt fraud head-on, stops falsification and/or misuse (potentially even on the first occurrence), and leads to considerable improvement in margins.
- More than 99% of returns are unaffected; it denies only true receipt fraud.
- Quantifiable reduction in return dollars; with no negative impact on customer satisfaction.
- Corresponding reduction in shrink.
- Even greater savings when combined with Verify-2 Return Authorization.
- Significant and measurable ROI, with almost immediate payback.