Custom Retail POS Analysis Fraud Prevention Software
Protecting a Business with Retail Fraud Prevention Software
Fraud isn’t a new activity; in fact it’s been around for hundreds of years – but over the past decade the event has seen a massive increase in activity, and this is mostly due to the way that businesses now process their transactions. In this digital era, it’s never been easier to make payments online, pay via card and transfer cash – but without the proper protection, this data can be infiltrated, stolen and then used for fraudulent purposes. Retail fraud prevention software has been around for a few years now, and it’s proven to be one of the most effective methods to deter and prevent fraud within businesses. Here’s a look at how the software works.
Understanding Transactions
As businesses interact with customers, the final activity is the payment procedure. At this time, a card is usually swiped, a cheque written, or a card details are provided. It’s at this time that the customer’s details are most at risk – especially if the individual handling the details has a criminal agenda in mind.
The most common tricks relate to storing the details of the card for duplicates to be used, or double charges being issued to the card without the owner’s consent. There are measures that can assist with the prevention of this activity, such as closed circuit television camera installation, but these can’t stop the event from taking place; they merely provide a recording of the event itself.
Utilising Software
According to Netmap the market leaders in retail fraud in Australia, the best way to stop the activity from taking place on a digital level, is to implement point of sale analysis software that can moderate and control it. These pieces of software can be installed within computer systems and networks, and they’ll actively monitor any events that are deemed ‘suspicious’. These events can be blocked as soon as they arise, and then reported to the necessary authorities – or tracked separately for observation purposes.
Data Tracking
Each digital transaction that occurs will be assigned a unique identifier code. This code can be tracked from initial payment, all the way through the system and then to the recipient’s account. If something doesn’t add up – then the transaction can be investigated, and further action can be taken if necessary.
Periodic Reviews
Another major benefit of retail fraud prevention software, is that it can actively review transactions from the perspective of both vendors and consumers. From a businesses’ point of view, this can be particularly useful if a new employee has been taken on at the same time that transactions appear to be going a little awry. For consumers, it provides an added sense of security as any untoward activities can be eliminated at the source.
Without reliable retail fraud prevention software, it’s not uncommon for even large scale fraud and thefts to go unnoticed for within a business. In order to promote a secure working environment, software is advised for businesses of all sizes, and by reducing fraud within their specific sector, they can promote a healthier process for consumers and employees alike.
Fraud isn’t a new activity; in fact it’s been around for hundreds of years – but over the past decade the event has seen a massive increase in activity, and this is mostly due to the way that businesses now process their transactions. In this digital era, it’s never been easier to make payments online, pay via card and transfer cash – but without the proper protection, this data can be infiltrated, stolen and then used for fraudulent purposes. Retail fraud prevention software has been around for a few years now, and it’s proven to be one of the most effective methods to deter and prevent fraud within businesses. Here’s a look at how the software works.
Understanding Transactions
As businesses interact with customers, the final activity is the payment procedure. At this time, a card is usually swiped, a cheque written, or a card details are provided. It’s at this time that the customer’s details are most at risk – especially if the individual handling the details has a criminal agenda in mind.
The most common tricks relate to storing the details of the card for duplicates to be used, or double charges being issued to the card without the owner’s consent. There are measures that can assist with the prevention of this activity, such as closed circuit television camera installation, but these can’t stop the event from taking place; they merely provide a recording of the event itself.
Utilising Software
According to Netmap the market leaders in retail fraud in Australia, the best way to stop the activity from taking place on a digital level, is to implement point of sale analysis software that can moderate and control it. These pieces of software can be installed within computer systems and networks, and they’ll actively monitor any events that are deemed ‘suspicious’. These events can be blocked as soon as they arise, and then reported to the necessary authorities – or tracked separately for observation purposes.
Data Tracking
Each digital transaction that occurs will be assigned a unique identifier code. This code can be tracked from initial payment, all the way through the system and then to the recipient’s account. If something doesn’t add up – then the transaction can be investigated, and further action can be taken if necessary.
Periodic Reviews
Another major benefit of retail fraud prevention software, is that it can actively review transactions from the perspective of both vendors and consumers. From a businesses’ point of view, this can be particularly useful if a new employee has been taken on at the same time that transactions appear to be going a little awry. For consumers, it provides an added sense of security as any untoward activities can be eliminated at the source.
Without reliable retail fraud prevention software, it’s not uncommon for even large scale fraud and thefts to go unnoticed for within a business. In order to promote a secure working environment, software is advised for businesses of all sizes, and by reducing fraud within their specific sector, they can promote a healthier process for consumers and employees alike.