New solution addresses the industry’s $18.4 billion in annual losses due to returns fraud
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New York, NY –IDScan.net will unveil its new loss prevention solution, IDWare Profit, and showcase its other retail industry solutions during NRF at booth #203 in New York on Jan. 12-14.
The highly-anticipated launch of IDWare Profit comes on the heels of a successful pilot program with Rouses Market, a 65-store grocery chain in the Southeast U.S. In the first five weeks of its five-store pilot, Rouses reduced returns by 36% at participating stores.
Merchandise return fraud cost U.S. retailers $18.4 billion last year, and fraud and abuse combined cost $24 billion, according to the National Retail Federation. IDWare Profit is an affordable and easy-to-use standalone tool that requires no IT integration. It manages and prevents losses related to: returns fraud, vendor visits, and routine operations.
Ready to learn more about IDWare Profit? Click here for more information.
The IDWare Profit solution is powered by IDScan.net’s robust ID scanning and parsing technology. It allows retailers to use an iPad kiosk installed at customer service to scan an individual’s ID when they seek to return merchandise. In an instant, the solution automatically captures the information from the ID and creates a record of the customer and the return. If returns reach a set dollar threshold for the individual during a given time period, IDWare Profit immediately triggers a manual review of the return. The solution builds a cloud database, so the information is shared across all store locations in real time and can be accessed by management through an online portal.
“We saw a 36% reduction in merchandise returns in our five pilot stores during the first five weeks while other stores in the area saw an increase in returns during the same period,” said Rouses Vice President, Asset and Profit Protection Barton Howard. “It’s clear the solution is not only catching fraud, it’s deterring it. The solution is much more than paying for itself, so we’re deploying IDWare Profit across all our stores.”
The new tool also allows retailers to manage vendors by scanning their IDs to create time-stamped records of when vendors arrive and when they leave. Retailers can use this information to ensure that bills accurately reflect the time a vendor spent at the store, and that deliveries were made when vendors claim to have made them.
Finally, IDWare Profit’s timers module allows stores to manage and track routine operations and audits. Employees scan their badges after performing tasks, including floor checks, and the system creates a time-stamped, forensic record that can be exported from the retailer’s database and used to fight frivolous slip and fall claims.
“IDWare Profit is giving frontline staff the information they need to make smart decisions,” said Denis Petrov, the CEO of IDScan.net. “Store managers can make better judgement calls when reviewing returns, verifying how long a vendor was in a store, and ensuring employees are performing required checks.”
IDScan.net made its name as the first to market with iOS and Android mobile scanning solutions nearly a decade ago and has become a leader in fraud prevention and identity verification technologies. The company has a history working with retail industry clients to provide technology that captures the information from IDs and automatically populates credit card applications and customer loyalty enrollment forms with 100% accuracy. This automation enhances the customer experience, improves the validation process, and speeds the onboarding process.
“Our instant mobile ID validation solutions allow customers to sign up for loyalty programs and credit cards from their own smartphones from any location- in the store, the parking lot, or even at home,” said Petrov. “They simply take a picture of their ID and a ‘selfie,’ and our tech confirms their ID is valid and instantly populates the application forms. Our retail clients have seen a dramatic increase in enrollment since giving their customers our easy-to-use option.”
Learn more about IDScan.net’s suite of retail solutions and the IDWare product line at NRF Booth 203 or by contacting 888.430.8936 or [email protected]