Veras Retail adds loss prevention feature to POS solution

Estimates of return fraud and abuse in the United States run as high as USD 24 billion per year, according to a 2018 report. For every USD 100 in returns, fraud and abuse costs retailers up to USD 6.50 in losses.

Integration with Appriss Retail’s return authorization technology, Verify, is now available in the latest version of Veras CheckOut. The solution offers a powerful pricing engine, enterprise-wide visibility into inventory levels, and the ability to access customer information and orders across all selling channels. Users at the retailer’s headquarters benefit from real-time access to POS transaction information.

Appriss Retail’s Verify solution uses actual, individual consumer behaviour data to render a fair, objective decision to accept, warn or deny merchandise returns. Verify is designed to distinguish and deter the one percent of consumers whose behaviours mimic return fraud or abuse.

Veras CheckOut 10.2 also provides functionality to address a common friction point between loss prevention and customer service by allowing manager overrides to be deferred until the end of the transaction – or even approved remotely from a mobile device. This capability allows retailers to tailor their security policy in such a way that customers need not be inconvenienced by application of anti-fraud controls at the POS.