Oracle today announced the availability of Oracle Retail Returns Management, an innovative application that allows retail organizations to proactively address the rapidly-growing problem of fraudulent returns while providing a superior in-store shopping experience and also increasing customer loyalty. Oracle Retail Returns Management enables retailers to process returns easily and accurately across all stores and channels through real-time return authorizations that screen for returns fraud by analyzing return behavior and identifying specific return patterns.
According to a 2006 study by the National Retail Federation, return fraud currently costs retailers $9.6 billion a year. Criminals commonly take advantage of companies' return policies to receive cash for stolen merchandise, launder money or return an item after it has been used. However, retailers are often times reluctant to adopt more stringent return policies for fear of alienating loyal shoppers.
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