In this white paper, Michael Leithner, Retail Loss Prevention Specialist at TransUnion, explores how the right tools can transform data into actionable insights that retail loss prevention teams can use to fight fraud and reduce shrink.
Leithner leveraged his expertise to develop TransUnion’s strategy and marketing efforts for the retail loss prevention market. Prior to joining TransUnion in 2020, he held roles as Loss Prevention Safety Manager at Kmart and Lowe’s and was Director of Loss Prevention at IT’SUGAR.
The loss prevention industry has witnessed a significant transformation in recent years, largely driven by the integration of technology to combat fraud and shrinkage. With the risk of e-commerce and the increasing complexity of retail operations, traditional methods of loss prevention have proven insufficient in addressing the evolving challenges posed by fraudsters.
In this dynamic landscape, technology serves as a pivotal tool in detecting and preventing fraudulent activities. Retailers must adopt innovative approaches to tackle fraud and minimize shrinkage, including employing a technology-driven process for transforming raw data into actionable insights.
Enter platforms equipped with investigative insights. By integrating platforms that link seemingly disparate data points, retailers can identify potential patterns and associations that might otherwise go unnoticed. Advanced analytics-based models can spot tendencies and patterns that may not have been apparent before, helping retailers initiate preventative measures to safeguard business. The integration of platforms offering investigative insights, including social media analysis and relationship mapping, also presents a promising avenue for retailers to bolster their defense against fraud and shrink.
Explore scenarios where TLOxp®, part of the TransUnion TruLookup™ solution, provides deeper investigative insights to help link individuals and prevent fraud in external fraud rings and internal sliding fraud. And learn more about the impacts of the INFORM Consumers Act, which requires online marketplaces to annually collect and verify identification information of high-value sellers on their platforms.