Moneris introduces 'Verify' to help fight $1.7B in Canadian retail fraud
22 Apr, 2015, 08:00 ET
Moneris Verify powered by The Retail Equation has the potential to limit millions of dollars' worth of return fraud and abuse at Canadian retailers
TORONTO, April 22, 2015 /CNW/ - Moneris Solutions Corporation ('Moneris'), one of North America's largest processors of debit and credit payments, announced today that it has expanded its service offerings with the introduction in Canada of Moneris Verify powered by The Retail Equation (TRE), which is intended to help large retailers reduce losses incurred due to return fraud.
Moneris Verify return authorization will help retailers target the estimated 4.2 per cent of their merchandise returns that are fraudulent, resulting in approximately $1.7 billion in annual retail losses in Canada.1 Moneris Verify streamlines retailers' return processes by improving the convenience and ease of regular merchandise returns, while identifying and deterring those that are fraudulent or abusive of store return policies.
"Return fraud is a significant problem in Canada and we believe through our distribution, Moneris Verify will potentially reduce estimated losses by millions of dollars," said Rob Cameron, Chief Product and Marketing Officer. "Retail fraud takes many different forms, and Moneris Verify is a proven safeguard against fraudulent returns resulting in lost revenue and inventory."
TRE is the industry leader in retail transaction optimization solutions. Moneris will be the exclusive reseller of TRE's Verify service in Canada, a solution used by more than 34,000 stores – including 12 of the top 50 retailers in North America.
"We are pleased Moneris has chosen to offer our industry-leading return optimization technology to its wide range of customers in Canada," said Mark Hammond, CEO, The Retail Equation. "The Verify technology is not only effective in reducing return rates and optimizing sales, it enables retail businesses to create a better return shopping experience for the vast majority of consumers making everyday returns."
Moneris Verify utilizes statistical modelling to analyze data to determine if behaviour exhibited at the point-of-return is inconsistent with a retailer's return policy or mimics return fraud. The solution's predictive analytics looks for patterns among the different variables in a consumer's return history, including return frequency, time of return, purchase amounts, and many more.
Moneris Verify can help minimize the many forms of return fraud that retailers face today, including:
- Returning stolen merchandise – an individual shoplifts an item with intent to return the item for full retail price.
- Shoplisting – an individual purchases an item, takes it out of the store, and then re-enters the store without the purchased item. The customer proceeds to pick up the same item in the store and returns that second picked up item with the original receipt.
- Receipt fraud – an individual uses an old, found, or fabricated receipt to return stolen merchandise.
- Price switching – an individual moves a lower priced label to an item before going to checkout. The consumer then removes the sticker and returns the item at full price.
- Wardrobing or Renting – an individual purchases an item, uses it and then returns the item as new.
Moneris Verify is the ideal return fraud prevention solution for large Canadian retailers, and it is available today. For more information, contact us at [email protected].
About Moneris Solutions
As one of North America's largest providers of payment processing solutions, Moneris Solutions Corporation ("Moneris") offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processes more than three billion transactions, annually. Moneris offers electronic loyalty and stored-value gift card programs. With more than 350,000 merchant locations, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.
About The Retail Equation
The Retail Equation, headquartered in Irvine, Calif., optimizes retailers' revenue and margin by shaping behavior in every customer transaction. The company's solutions use predictive analytics to turn each individual shopper visit into a more profitable experience. This yields immediate financial payback, increasing store comps by as much as two percent, with significant return on investment. The Software-as-a-Service applications operate in more than 34,000 stores in North America, supporting a diverse retail base of specialty apparel, footwear, hard goods, department, big box, auto parts and more. For more information, visit www.theretailequation.com.
1 December, 2014, 2014 Consumer Returns in the Retail Industry. The Retail Equation Inc.
SOURCE Moneris Solutions
For further information: Media contact: Darren Leroux, Moneris Solutions Corporation, +1 (416) 734-1442, [email protected]
Share this article