A price check on fraud
Use data analytics to detect fraud and grow margins
|Fraud has always been a big concern of senior executives in the retail industry. But with the recent economic downturn other pressing issues have edged fraud management out of the executive psyche.|
In the retail industry at least, innovation in fraud prevention has stagnated, yet fraudsters are always finding new ways to steal from retail organizations. The following fraud techniques have all matured over the past decade:
- Point-of-sale (POS) manipulation
- Refund fraud
- Employee theft
- Fraudulent transactions over mobile devices
- Inappropriate financial reporting.
Use data analytics to detect and prevent
In a retail marketplace that is becoming ever more competitive, it is becoming difficult to offset loss due to fraud by generating additional sales. Organizations would be better off investing in ways to detect and prevent fraudulent activity.
Read A price check on fraud detection and learn how the retail industry can leverage data analytics innovations to help offset shrinking margins in an increasingly challenging economic environment.
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