Best Buy Cracks Down On Return Fraud

Best Buy has begun scanning the licenses of customers in the hopes of slowing down merchandise fraud at its stores, according to WebProNews.

The company has employed the services of The Retail Equation, a California based business that processes return authorizations by tracking consumers return or exchange behavior at the stores that use their services. Best Buy has been forced to go to this system because of how pervasive the problem of merchandise fraud has become for them.  Currently, at any Best Buy store, a customer can essentially lease their electronics for a few days andelectronics 150x150 Best Buy Cracks Down On Return Fraud then return them once they are finished.

The Retail Equation reports that of the 20,000 stores it monitors merchandise fraud accounts for $14.3 to $18.4 billion a year.  The company says that 99% of returns will go through smoothly, but for the 1% that don’t it will mean a 90 day ban from returning or exchanging something from a Best Buy store.

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About Ryan Gillis

I am currently a Marketing Intern for the Council of Better Business Bureaus in Arlington,Va. Originally from New Hampshire, I am a student at George Washington University in Washington D.C. My hobbies include: golfing, skiing, keeping up with Boston sports teams, and reading about history.