Returns fraud cost Retailers over $25BN dollars last year and this number continues to rise every year. There are over 14 Known Fraud Tactics and new methods are created every year. Returns have many methods to recover from Sales lost due to valid Returns but Returns fraud is loss to the bottom line.
Retailers allow customers to return items without a receipt for Customer Satisfaction ratings. Retailers experience a strange balancing act between making Returns very easy or very hard, with most taking the middle ground. Most US Tier 1 Retailers allow customers to return their items, even if they do not have a receipt. This leads to No-Receipt Returns Fraud. With the mass move to e-Commerce due to COVID-19, Retailers are seeing their Returns rate go up to 40%. Returns will soon be a TRILLION dollar issue for Retailers.
Freeing Returns™ allows Retailers always have access to the latest and most innovative Returns Management Applications. Our platform allows Loss Prevention, Asset Protection and Profit Protection professionals to have tools used by Law Enforcement to investigate Fraud.