We can stop fraudulent returns at the moment they are happening by detecting problems at the point of return.
Freeing Returns allows you to personalize your returns policies to drive customer loyalty. If desired, you can also maintain your current returns policies.
Our SAAS/PAAS Platform calculates a Returns Score on each customer, which predicts their probability to commit returns fraud. Contact us about our Returns as a Service (RAAS ™) feature.
Use Freeing Returns to simplify and streamline the returns process by making it more customer-centric.
The Fraud Exposure Engine (FEE) detects fraudulent returns by examining a customer’s transactions from a particular retailer. The Engine scans the customer information—loyalty information, transactions, social media, CCTV, financial information—and calculates a Return Score (see below) and merchandise returns history. It then assigns warnings based on this information. Using a proprietary algorithm, the Engine can flag a particular customer and/or transaction as a potential fraud risk. A pre-set threshold determines when a return is denied based on the customer’s information.
The Returns Score measures a customer's likelihood to commit Returns Fraud. (The score works in a similar way that a FICO score helps companies determine the kind of credit they will extend to a customer.) Based on the customer's information and the number of warnings, flags or denied return transactions, Freeing Returns uses its proprietary algorithm to assign a Returns Score from 100-600. A customer with a 100 has a history of fraud. A customer with 600 is non-fraudulent.
As the technology’s user base grows, Freeing Returns will be collecting and hosting a retailer’s valuable customer data regarding purchasing/returns habits and retail trends as well as other data points. This data can offer the retailer comprehensive knowledge and insight about retail trends and users based on their demographics. That kind of business intelligence translates into actionable strategies that address content marketing, behavioral study and relevant trends. This data also proves to be valuable to marketers, retailers, analysts, the media and others who are watching and making decisions within the retail industry.
FEEL FREE TO CONTACT US AND SHARE YOUR THOUGHTS, OR LET US KNOW IF YOUR BUSINESS WANTS FREEING RETURNS.
Freeing Returns is the only retailer loss prevention technology that detects and stops fraudulent returns at the point-of-return. By securely integrating with a retailer's current POS system, the technology reduces return fraud. It improves the customer experience and satisfaction by simplifying and streamlining the returns process. Its consumer-facing mobile app empowers the customer to manage the entire return process from his or her mobile device, desktop or wearable technology. Freeing Returns was developed by Lillii RNB, an Atlanta-based information technology company that specializes in Payments, POS and contactless card technology solutions (such as EMV and Apple Pay) for top U.S. retailers. For more information, visit www.freeingreturns.com.