Retail Equation's Science to Stop Fraud
Retail Equation’s Verify-2 application uses a set of math-ematical steps and algorithms to fight return fraud.
The product could help retailers control return fraud, which costs retailers billions of dollars annually, according to Retail Equation Chief Executive Officer Mark Hammond.
quot;Not only do Verify-2 and our other solutions create an improved overall customer ex-perience, but we also have seen return rates decline and net sales increase amongst our retail cli-ents,quot; he said.
Retail Equation’s Verify-2 system uses mathematical modeling that promises to estimate, with high accuracy, the probability of a return being legitimate or fraudulent. The modeling’s mix of analytics and data-mining computing can flag unusual behavior in returns and can help identify frauds, according to company literature.
The Irvine, Calif.–based company—whose client list includes Limited Brands, JCPenney and Nike—recently announced that its Verify-2 application had successfully passed a batch of tests at the Motorola Solutions Center, operated by communications company Motorola Solutions. Verify-2 was approved to work on products such as the Motorola Symbol DS6700 1D/2D Image Scanner, a handheld digital im-age scanner that can read information such as barcodes. —Andrew Asch
