In the world of high-end retail, items like jewelry and watches have long-been the target of thieves. But it’s not about grabbing items off the shelf and running. These thieves are more sophisticated, taking advantage of easily accessible counterfeit IDs. The problem isn’t going away—according to the National Retail Federation, in-store fraudulent activity has grown by a staggering 69% in recent years.
A common problem for luxury retailers goes something like this: Someone obtains a stolen credit card number that has not yet been reported stolen. That person then creates a replica credit card and along with a counterfeit ID that matches the name on the stolen card with their face. The barcode on the back of that ID is also engineered to match the fraudulent name and photo. Fake ID and fraudulent credit card in hand, they enter a business to make a purchase. At the register, the ID and the card match, along with the barcode on the back of the ID. The purchase concludes and the thief walks out the door. By the time the actual credit card owner is notified about the purchase, the item and the criminal are long gone, and the store is on the hook for the chargebacks.
For high-end retailers in Las Vegas, this means high-end losses.
Veridocs Technology Helps Prevent Theft
Two luxury retailers utilized Veridocs’ TrueAuthentication in unison with their POS systems. The process was fast and easy, with no system downtime, very little training, and supported by Veridocs’ 5-star customer service. Veridocs’ ID Authentication technology caught counterfeit IDs and reduced fraudulent activity almost overnight. In a matter of months, these stores reduced this type of theft by millions of dollars. But the benefit wasn’t just monetary; employees could spend less time worrying about fraud and more time developing relationships with their clientele they knew they could trust.
Using Veridocs TrueAuthentication is a fast, easy way to minimize risks when frauds and fines are on the line.