Black Friday Crime – Retailers Scammed Out of Billions Due to Receipt Fraud
PORTLAND, Ore., Nov. 24 /PRNewswire/ — Black Friday fraudulent returns could cost retailers close to $3 billion this holiday season. “Cash register receipts are easier to counterfeit than money, and while it’s commonplace to have your currency validated at the register, retailers have no way of validating receipts,” says Steve Delepine, V.P. of BrandWatch Technologies. “The scam is perpetrated on retailers when cash or store credit is given in exchange for fraudulent receipts. This is a widespread problem impacting over 43% of all retailers (based on a recent study conducted by the National Retail Federation) and BrandWatch has the solution.”
Black Friday is the biggest day of the year for retailers, many of whom operate at a financial loss and are dependent on profits from holiday sales. “BrandWatch Technologies’ solution allows retailers to maximize their profits by eliminating fraudulent receipts. Our technology is integrated into authentic receipts and can be instantly validated by the retailer with the use of our handheld detectors,” says Delepine.
With the recent economic downturn, there has been an uptick in the demand for anti-counterfeiting solutions. BrandWatch, a global leader of brand security solutions, manufactures covert microscopic markers and detectors. The company works with customers to integrate these markers into existing print and packaging processes without visibly altering the characteristics of the original product. Counterfeiting of smaller items, such as receipts and coupons, is on the rise in this economic climate. BrandWatch detectors enable instant in-field authentication at any time. In addition, the company’s solutions significantly reduce liability, detect counterfeits, streamline track and trace, identify grey market diversion and verify product recycle chains at a fraction of the cost of competing technologies.
“Proliferation of counterfeiting today has advanced with the availability of high-quality printers and computer software, providing thieves with the tools needed to easily create fakes or duplicates. The integrity of products and brand names are under attack worldwide, from counterfeit handbags, watches and sunglasses, to event tickets, cosmetics and prescription drugs. We have helped brand owners fight back. Our technology allows for instant validation of authentic receipts and merchandise, providing a way for retailers and brand owners to reclaim profits,” states Phil Huff, CEO of BrandWatch.
About BrandWatch Technologies
BrandWatch Technologies is a global leader of brand security solutions that engineers and manufactures covert microscopic markers and detectors. The markers can be easily embedded during manufacturing or packaging without visibly altering characteristics of the original product. BrandWatch detectors enable instant in-field authentication at any time during the product life cycle. The company’s solutions significantly reduce liability, detect counterfeits, streamline track and trace, identify grey market diversion and verify product recycle chains at a fraction of the cost of competing technologies.
Company Contact: Steve Delepine firstname.lastname@example.org (503) 285-3890 Learn more at http://www.brandwatchtech.com
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SOURCE BrandWatch Technologies