Today SigmaLedger announced that its coupon anti-counterfeit solution CuBE (Coupon Business Exchange), which uses blockchain, has been adopted by P&G (Procter & Gamble) and Walgreens.
A couple of weeks ago, a story hit the news about a Virginia couple that racked up $31.8 million in losses to retailers and manufacturers through coupon fraud over a three-year period. Lori Ann Talens, who created the counterfeit coupons that she often sold to others, was sentenced to 12 years.
Talens manipulated the barcodes so they scanned as legitimate, sometimes giving a $24.99 discount on a $25 item. If the barcode doesn’t come up with an error, the cashier will accept it. It often takes several weeks for the coupon to go to a clearinghouse, where it might be flagged as fraudulent. Only then will there be a block on it.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
