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Reduce Refund Fraud with AI and Envysion

Refund without customer present

Envysion offers a new approach to combating refund fraud, a challenge faced by businesses striving to protect their financial health. By integrating with point-of-sale systems, Envysion provides detailed reports on refund transactions, offering insights into specific details such as item specifics, employee involvement, and transaction timing. This integration is complemented by video footage of transactions, allowing for a comprehensive analysis of customer interactions and potential fraudulent activities.

Refund without a customer present

Using AI for Transactions: Envysion’s Solution for Refund Transactions Without A Customer Present

Now, Envysion makes reviewing transactions easier. Using advanced AI algorithms, Envysion’s system can identify refund transactions processed without a customer present, prioritizing these high-risk instances for a quick resolution. This approach helps reduce refund fraud and creates a culture of transparency and accountability within businesses, contributing to a more secure operating environment.

 

Envysion’s innovative solution provides businesses with the necessary tools to reduce risks and make informed decisions, helping them protect their financial integrity. By focusing on refund transactions most susceptible to fraud, Envysion assists businesses in promptly identifying and addressing potential instances of fraud, ensuring a robust and secure financial environment. 

 

 

 

USE CASE: Uncovering Cash Theft: A District Manager’s Weekly Review

Every Friday, the district manager reviews refund transactions. This involves sifting through the report to pinpoint transactions where no customer was present.

During a recent review, the district manager noticed a cluster of refunds flagged for further review – specifically, five receipts linked to video footage showing no customer presence. Of these, two receipts on the same day stood out due to identical dollar amounts processed on different registers.

Upon closer examination of the video footage, it became clear that an employee processed a $10.25 refund at register #1, pocketing the cash immediately. An hour later, the same employee repeated the process at register #2, again pocketing $10.25. The employee was seen leaving the register after each transaction, confirming their intent.

Recognizing these incidents as cash theft, the district manager documented them and assigned them to the Loss Prevention Manager for further investigation. An email with links to the specific incidents was sent to the Loss Prevention Manager for easy access within Envysion’s Incident Management tool.

Armed with detailed evidence, the Loss Prevention Manager conducted a thorough investigation and provided feedback through the Incident Management platform, enabling collaborative decision-making based on documented facts.

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