Why is the Verify-1 Technology Important?
The retail industry is currently experiencing a significant fraud and abuse problem. Retailers are losing more than $15.5 billion/year due to return fraud/abuse. Verify-1 is designed to identify the one percent of consumers whose behaviors mimic return fraud or abuse. Without this system, retailers are forced to create stricter policies such as “no receipt, no return,” or raise prices for consumers to offset the losses incurred from fraudulent returns. With TRE’s technology, retailers can extend more liberal return policies while still taking a proactive approach to curbing the problem.
