LOS ANGELES (PRWEB) June 11, 2018
Face recognition company FaceFirst announced the release today of Fraud-IQ, the first facial recognition product built specifically to combat retail return fraud. Using face recognition surveillance, Fraud-IQ provides brick-and-mortar stores with an added layer of intelligence that helps them better assess whether returns are fraudulent.
While many iconic retail brands have generous return policies, abuse is surprisingly rampant. Retail return fraud often involves dishonest customers taking merchandise directly off shelves and presenting it as returned merchandise. According to the National Retail Federation, 10.8 percent of returns made each year are fraudulent, costing the retail industry $9.6 billion a year. Fraud-IQ uses the power of face recognition to instantly surface video of people entering the store within the context of returns. Customer service reps can instantly determine whether people are returning goods that they did not enter the store with.
"Retailers are under assault from organized retail criminals and other dishonest customers," said FaceFirst CEO Peter Trepp. "Fraud-IQ will put a significant dent in a massive industry problem. This is a product that everyone from loss prevention employees to the CEO can get excited about."
Fraud-IQ joins the broader FaceFirst retail security face recognition platform, which reduces in-store shoplifting by an average of 34 percent and in-store violence by 91 percent. Adhering to the FaceFirst Privacy by Design mandate, FraudIQ customer videos are automatically deleted after two hours, compared to the large amounts of personal information other return fraud technologies collect.
"Fraud-IQ is driven by customer demand," said Trepp, who noted that the average cost of return fraud is well over a thousand dollars per incident. "We're seeing rapid face recognition adoption across big box, grocery and pharmacy retailers, and Fraud-IQ will accelerate the trend across the sector."
FaceFirst is the global market leader in highly effective face recognition systems for retail stores, including superstores, grocery, pharmacies and other retail environments. The patented platform is designed to be scalable, fast and accurate while maintaining the highest levels of security and privacy. FaceFirst provides surveillance, access control, mobile face recognition, biometric data and an underlying software platform that leverages artificial intelligence to fight theft, organized retail crime and in-store violence. FaceFirst is proudly designed, engineered and supported in the USA.