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National Clothing Retailer sees Sharp Increase in Southern California Counterfeit Currency Activity - Seeks to Lease Equipment from UVeritech
March 12, 2006
UVeritech’s top salesperson for 2005, Mr. John Herlihy, had an eye-opening conversation with one of our existing customers who had contacted him to discuss a much more aggressive national roll-out of our equipment into their locations.
This well-known national department store (sorry, we can’t mention their name here) experienced a sharp increase in the volume of counterfeit currency during the last several months of 2005. The Sr. Loss Prevention Manager revealed to John that in their Southern California stores, alone, they had seen an average of $50,000 per month in counterfeit currency losses.
Such losses are not only unacceptable, they are also unnecessary.
This information is significant for anybody in the retail industry. If this one customer has been experiencing such high levels of counterfeit fraud losses, it only follows that others in the retail industry must be having similar issues. However, our experience talking with retail industry executives over the past half-decade have taught us that companies rarely track or have readily available information about losses resulting from fake currency, counterfeit traveler checks and gift checks, or skimmed credit card transactions.
UVeritech’s equipment provides an affordable and easy-to-use solution to prevent these types of losses. Our machines do not require internet or computer connections and can be unpacked and “installed” by just about anybody. Using the equipment requires nothing more than a brief introductory overview. UVeritech provides the necessary documents to provide ongoing training for new employees.
Motivated by this one national department store customer, UVeritech is now putting together the details of an equipment leasing program which will allow our larger chain-store operators to lease some of our more advanced products. Leasing enables operators of multiple store locations to conduct a national roll-out of hundreds or even thousands of fraud prevention units with a much smaller initial capital investment, and a more natural taxable-expense basis. In addition, the lease payments are typically small enough that they can be managed directly out of store operating budgets, so no special budget requisition is required.
If you are interested in learning more about these matters, please feel free to be in touch with us.
