Avoid Being Victimized
National Retail Federation’s 2013 Return Fraud Survey, which was just completed by 62 retail companies, revealed that the industry will lose an estimated $8.76 billion to return fraud this year. During the holiday season alone, $3.39 billion is estimated to be lost.
Return fraud includes returning used or stolen items, using false tender to purchase items, using counterfeit receipts to return merchandise, employee return fraud or collusion with external sources. The practice of “wardrobing,” the return of used, non-defective merchandise (like occasional apparel or certain electronics) is one of the biggest headaches for retailers.
Some retailers are beginning to routinely require ID before a return of merchandise. Another good preventive measures, however, is to have a validated return barcode on your sales receipts. All that a sales person needs to do is to scan the receipt and the purchase history is brought up.
Does your POS Software allow you to have validated return codes on your receipts? NCR’s Counterpoint has this important feature. We can show you how to get this set up for your business. All it takes is a call to us at 800/425-672-4806 or you can also email us. Cut your losses now by preparing for the future.
Happy New Year!