SINGAPORE (June 1): According to the US National Retail Federation, some 10% of goods sold last year, or US$350 billion (S$470 billion) worth, were returned to stores. Many stores tend to accept returns without a receipt, and a few major ones give customers store credit in lieu of money back.
Unsurprisingly, this opens retailers to fraud, as people may be returning items that have been stolen in exchange for cash or store credit.
To counter such cases of fraud, the largest retailer in the US, Walmart, has deployed a fraud prevention system sold by tiny, Singapore-listed DISA. And DISA is primed to get at least two other top retailers — Target Corp, and The Kroger Co, which runs grocery chains — to use its technology, driving the group’s growth from next year... (Click here to read the full story)