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New Solution Aims to Tackle Retail's $18.4 Billion in Annual Losses from Returns Fraud
Tuesday, December 15, 2020
IDScan.net, a leading provider of identity verification and information gathering solutions, with Rouses Market, a 65-store grocery chain in the Southeast U.S., recently completed a pilot program of a new loss prevention solution, IDWare Profit. The solution reduced returns by 36% at participating stores. Following the successful pilot, Rouses has expanded the use of the solution in more than 90% of its stores and plans to include all its stores this year.
NEW ORLEANS, Dec. 7, 2020 /PRNewswire-PRWeb/ -- IDScan.net, a leading provider of identity verification and information gathering solutions, with Rouses Market, a 65-store grocery chain in the Southeast U.S., recently completed a pilot program of a new loss prevention solution, IDWare Profit. The solution reduced returns by 36% at participating stores. Following the successful pilot, Rouses has expanded the use of the solution in more than 90% of its stores and plans to include all its stores this year.
"The significance of this solution has taken on a whole new meaning during the pandemic, with stress buying way up and the economy way down," said Denis Petrov, the CEO of IDScan.net. "Groceries and retailers of all kinds must be extra vigilant to protect their bottom lines during these extraordinary times, and our new, proven solution makes it possible."
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.
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 is cloud-based, so the information is shared across all store locations in real time and can be accessed by management through an online portal.
The pilot began last year, and IDScan.net and Rouses have been working to refine and perfect it ever since.
"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 by contacting 888.430.8936 or sales@idscan.net.
About IDScan.net
Based in New Orleans, IDScan.net is a leading developer of identity verification and information gathering technologies. With a mission of creating a safer and smarter world, the company has enhanced environments and experiences for over 7,000 clients including IBM, Shell, AMC Theaters, Borgata Hotel Casino & Spa, Dave & Busters, and many more of the world's most trusted brands. Since 2003, the company's international team of industry specialists has pioneered technology that anticipates the rapidly evolving needs of leaders across all industries - from gaming and hospitality, retail, finance, and education - developing more than 300 custom applications and the industry's leading and most up-to-date library of global ID formats. The company's technology has been approved by the TSA.
Media Contact
Shannon Pilgrim, IDScan.net, 5044340222 x109, spilgrim@idscan.net
Twitter, Facebook
SOURCE IDScan.net
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