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| The Retail Equation Prevents Return Fraud for One Millionith Time |
| Posted: June 18, 2009 |
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| IRVINE, Calif. (June 15, 2009) – The Retail Equation, the industry leader in retail transaction optimization solutions, today announced the company has reached an important milestone―the one millionth time it has prevented return fraud. The achievement, which was reached within a five-year period among all of its retail clients, equates to a fraudulent return being prevented every three minutes with The Retail Equation’s Verify-1 return authorization solution, even with the system approving 99 percent of all return transactions that are valid.
The Retail Equation’s clients average an 8.2 percent reduction in return rate as a result of implementing Verify-1, demonstrating that the company has helped save millions of dollars in returns for its clients.
“The Retail Equation is proud to be the only company protecting retailers from return fraud with this caliber of loss prevention technology solutions,” said Mark Hammond, CEO of The Retail Equation. “Reaching the one millionth prevention of return fraud is proof that our clients are better protected from fraudulent activity in a time when we’re seeing a rise in such behavior throughout the retail industry.”
The Retail Equation’s Verify-1 software system, which recently received a patent from the United States Patent and Trademark Office (USPTO), is designed to identify return fraud and abuse, a $15.5 billion per year problem in the United States. As customers return merchandise, Verify-1 compares dozens of transaction variables against a set of statistical models and rules that form that particular retailer’s return policy. It is designed to distinguish and deter the less than 1 percent of consumers whose behaviors mimic return fraud or abuse.
About the Retail Equation
The Retail Equation, headquartered in Irvine, Calif., is the industry leader in retail transaction optimization solutions. The company’s applications use statistical modeling and analytics to predict consumer behavior, and its software-as-a-service delivery enables retailers to achieve a significant and measurable return-on-investment. Its solutions are operating in more than 12,000 stores in North America, supporting a diverse retail base of specialty, department, sporting goods, auto parts and more. For more information, visit www.theretailequation.com.
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