Fraud has been around for centuries – with the earliest criminals falsifying details to take advantage of someone else’s finances and property. These days, with the digital era leading the way for online activities, sales and correspondence, fraudulent activities now cost consumers no less than $36.5 billion dollars per year. One of the most common fraudulent activities that takes place is known as ‘point of sale fraud’, and as its name would suggest, it occurs when a transaction is being paid for.
With Retail Fraud There Are Major Points Of Concern
Methods Used to Measure Shrinkage
Fraud Prevention Spend
Percentage of Loss Prevention Based In Stores
Size of Loss Prevention Teams
Online Payment Types
Payment Type with the Highest Percentage of Fraud
Chargeback’s as a Percentage of Sales
Time Taken for a Manual Review of Fraudulent Online Transactions
The most common offenders are dishonest members of staff; those that intend to harvest the details of the payment for their own unsavoury actions, or those that intend to sell the information to a third party, who typically create false details and engage in identify theft. Unlike other forms of theft, the act of fraud often has serious repercussion for victims of the crime, and it’s not uncommon for banks and authorities to extensively investigate the individual in question, to gauge whether or not they are attempting a scam themselves.
Being able to keep track of consumer activities has never been a more viable option. With the ability to track website interactions, URL visits and digital activity now easier than ever, it was only a matter of time before the analytics industry took tracking sales to a whole new level. One of the newest techniques available to both physical and digital business owners, involves the use of retail analytics software. This software allows a user to keep track of what’s popular, what’s selling well, and what could do with some work.
It’s not just these basic elements to consider however; in fact, the latest software even allows unique parameters to be defined, particular sales to be tracked, and a huge number of other elements that can provide a whole new level of sales management. So whom can retail analytics software benefit the most, and why can the software make such a difference to the retail industry?
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