SOURCE: Avero

Avero

November 05, 2013 11:00 ET

Avero Launches Loss Prevention Restaurant Software to Attack $8.5B Restaurant Fraud Problem

Detecting Seven Different Types of Fraud and Sending Alerts Daily, Avero Loss Prevention Delivers the Most Comprehensive Fraud Solution to the Restaurant Industry

NEW YORK, NY--(Marketwired - Nov 5, 2013) - Avero, restaurant software that drives profits, announced today the launch of Avero Loss Prevention, an innovative solution designed to detect and thwart abnormal transaction behavior, fraud, and theft in restaurants. Based on over 14 years of industry experience, Avero Loss Prevention is built on the industry's most intelligent analytics engine and combines innovative multi-level analysis with seven patent-pending fraud watches that alert restaurateurs of abnormal and fraudulent activity daily.

"It's unfortunate that fraud and theft is par for the course in the restaurant industry and it can cost operators thousands of dollars every year," says Damian Mogavero, CEO and founder of Avero, and former restaurateur. "As a former restaurateur I used to look at POS reports and check details to find outliers, but it was time-consuming and ineffective. We created Avero Loss Prevention to give operators better, more automated tools to help them cut costs and save time."

Current products on the market focus on check-level detail to provide fraud analysis. Avero Loss Prevention monitors checks but also analyzes employee patterns, peer comparisons, and historic trends to highlight and rank order employees with the most alerts. Managers can quickly understand where to prioritize their time on investigation. Plus, the solution has comprehensive communication tools built right in to ensure proper accountability and documentation of cases that are created.

"Avero Loss Prevention can alert us to potential theft immediately," says Jeff Owens, Chief Financial Officer of Clyde's Restaurant Group in Washington D.C. "Since using the tool, we've identified critical check level control areas where we could have been vulnerable. We have already made changes to our procedures and policies so that we're better protected against abuse."

To date, over 20 restaurants, hotels, and casinos across the country are already using Avero Loss Prevention. Beta customers have reported achieving ROI positive results within the first four months of using the product and have changed policies, procedures, and controls because of it. Read more about Avero Loss Prevention and ways to combat restaurant fraud.

About Avero, LLC
Avero, restaurant software that drives profits, is the leading provider of insights and solutions to the hospitality industry integrating seamlessly with more than 50 labor and restaurant POS systems. The company processes more than $14 billion in annual F&B transactions and has over 20,000 users in 43 countries, including many of the most renowned restaurants, casinos, and hotels in the world. Headquartered in New York City, with offices in Dallas, Las Vegas and Singapore, the company is led by former hospitality professionals, including CFOs, chefs, owners, sommeliers, and operators. Learn more at www.averoinc.com.

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