-optimized.jpg){kind=avatar}
Refund Exchange is a new software tool to offer a solution to refund fraud in the retail sector.
While most customers making returns to retailers are genuine, there are a minority who seek to defraud retailers by making false returns, the makers of Refund Exchange say. Such frauds include retail borrowing: (buying an item, using it for a specific purpose and later returning it as unused);รฟreturning stolen items or returning items that are out of date, are several years old, or not even purchased at the same store. Abuse of returns policies is an important source of staff fraud, typically ’till fraud’: ringing non-existent returns through the till, filling in the return information with bogus customer names and addresses, and taking the cash refund for themselves.
Database analysis
Refund Exchange is a store based system, developed with database services company, Synectics Solutions. It enables the capture and analysis of retail customer refund information at the point of sale. This allows real time analysis of verified individual customer and staff returns activity, using a database of customer returns history within all participating retail outlets via the internet. It allows retailers to adjust their response accordingly (ie; cash refund, credit note). It also allows a full audit trail of refund activity in the retailer’s stores to be tracked from head office.
What they say
The Managing Director of Refund Exchange LLC, Paul Collins, says: ?The key benefit of the Refund Exchange system is to reduce the amount of loss to our clients from customer and staff fraud, thus improving their margins and having a direct impact on shareholder values. In addition to its deterrent value, the system provides verification of customer details and therefore faster detection of fraudulent behaviour. Another advantage is that Refund Exchange reduces the reliance on staff discretion, improving consistency of policy implementation, and hopefully reducing levels of staff-customer confrontation. As our clients can easily differentiate between customers, they can retaining the goodwill of honest customers, whilst simultaneously tightening up their returns policy in relation to customers with a poor or suspicious returns history.? Visit www.refundexchange.co.uk
