Understanding Retail Fraud: An Elaborate Guide By The Marketing 2.0 Conference
Table of Contents
● Reviewing Retail Fraud In The Marketing World
● Common Retail Fraud Trends
● Things To Do To Avoid Retail Fraud
Reviewing Retail Fraud In The Marketing World →
Experts shared their valuable ideas in several marketing events like the Marketing 2.0 Conference to name one about how retail fraud can be challenging to monitor and measure because it happens in many different ways. Every retailer will experience some fraud, and there are several trends in retail fraud. As such, you must be aware of your organization's fraud patterns and be prepared to shift if a new trend appears; one way of increasing awareness of retail fraud is by attending marketing and retail conferences at least once a year. The upcoming slides cover typical internal and external retail fraud patterns and how merchants can stop and deal with them.
Common Retail Fraud Trends →
Internal Retail Fraud → Sliding: Sliding occurs when an employee purposely obstructs a barcode to make it look like it was scanned. Sliding can be challenging to catch, especially with mobile POS systems, but taking precautions and keeping an eye out for warning signs is crucial to stopping it.
→ Loyalty Fraud: Numerous retailers provide a loyalty program typically connected to a phone number and offer various, ranging from discounts to gift vouchers. An employee might take advantage of this scheme by entering their personal loyalty card information and reaping the benefits.
External Retail Fraud → Wardrobing: When a purchase is made to wear the products and return soon after, it is referred to as wardrobing, a sort of refund fraud. For instance, someone might buy a special occasion outfit, wear it once, tuck the tags away or reattach them, and then return the item for a full refund. The employee accepting the return might not instantly notice these items, which could lead to damaged goods.
→ Friendly Fraud: Friendly fraud, also called chargeback fraud, is a type of refund scam. This starts when a consumer makes a valid purchase and then reports it as fraudulent or not delivered during shipping, initiating a chargeback
Things To Do To Avoid Retail Fraud →
Retail conferences like the Marketing 2.0 Conference stores a goldmine of tips that can be very beneficial in dealing with the retail fraud hands-on. For your convenience, a few of them are mentioned in the next slide. Tap! Tap!
→ An updated point-of-sale system is among the best instruments available.
→ A competent POS system will allow you to keep track of purchases, identify strange patterns, notice clients who return products excessively, generate digital receipts, and even confirm checks that are used as payment, thanks to today's technology.
→ The solution that enables you to publicly offer your special deals in-store and online while ensuring that only those who are eligible will have access is eligibility verification.
→ Many businesses disregard how crucial it is to simplify internal
This Presentation Is Prepared By
Thanks!
Ambika Gautam, Manager, Marketing 2.0 Conference