Fraud Prevention Blog

Most loss prevention and asset management personnel make the mistake of thinking that shrinkage only comes from outside shoplifters. However, organized retail theft is growing, resulting in estimated losses of anywhere from $15 billion to $30 billion per year for supermarkets, chain drug stores, independent pharmacies, mass merchandisers, convenience stores, and other retailers. In fact, around 90 percent of retailers have been victims of these theft rings! This isn't the work of average, petty shoplifters; on the contrary, this is the work of professional theft rings that travel across state lines to pilfer large amounts of merchandise and resell it. Even worse, these theft rings utilize employees on the inside to help steal goods right out from your nose.

To prevent organized retail theft, there are a few things you can do that all require arming yourself with knowledge - about your employees, your customers, and theft rings themselves.

Rounding out our October spotlight on identity fraud and identity authentication, we have recently published a comprehensive white paper report presenting a 360-degree perspective of the issue, and the most cost-effective solutions. Below are some highlights from from the paper. You can download the entire report free at http://www.fraudfighter.com/financial-whitepaper. Complementing the paper, we are also presenting a 60-minute webinar on the "Breakthrough Practices in Identity Authentication" that will reduce losses to fraud and facilitate compliance with financial regulations.

A Plethora of ID Types