This post is excerpted from our latest eBook, The Top 5 Asset Protection and Loss Prevention Problems Faced by Supermarkets During the Holiday Season.
Instances of fraud increase during the holiday season. Fraud is not always easy to catch the moment it happens, but training employees to follow standard procedures and always be vigilant can help to minimize what you see in your store.
Read on to review our top 3 tips for preventing fraud this holiday season.
Fight coupon fraud with training.
Supermarkets distribute far more coupons during the holiday season than any other time of year. More coupons, in this case, bring more coupon fraud—an issue that costs the both the broader retail industry and consumers $500 million a year.
- Train employees on what to be on the lookout for, such as “free” and “high dollar” coupons. Anything suspect should be followed up on by manager.
- If one cashier is making a certain mistake, it’s likely that others are making the same mistake repeatedly. Over time, each of these small losses adds to substantial losses. Training and incident follow-up is critical.
Fight credit card fraud with a clear policy.
Cloned credit cards and other tactics can have incredibly damaging consequences and can be hard to detect.
- For high-dollar purchases including gift cards, match the last four digits of the customer’s credit card to the last four on the receipt.
- Avoid manually entering credit card numbers into the system. While this is rarely done today, make sure any temporary seasonal employees and new hires are trained on this.
Institute a strict no-receipt policy.
- Your store should have clear, strict guidelines on the processing of no-receipt returns. This can take the form of a price limit in which returns over a certain dollar amount won’t be processed without a receipt.
- Complement your receipt policies with a good escalation process. Although there are scammers out there, it’s important that your valuable customers don’t lose out on a return or refund just because of a few bad apples. Exceptions can be made given the right circumstances, but they should be limited to manager approval only.
Learn more ways to protect your assets and prevent loss this holiday season when you download our free eBook.