Comparative Analysis—Here’s Another Leading Platform’s Approach To Theft And Fraud Prevention
The comparative analysis delves into various luxury watch and jewelry databases that aim to combat theft and fraud in the industry. The Watch Register, established in 2014, distinguishes itself by having a human component that reviews and manages its database, offering comprehensive customer service but at a higher cost and longer response times. In contrast, competitors like Enquirus, launched by the Richemont Group, utilize automation and AI technology to provide faster and free services, enabling users to quickly check their items and report thefts. Enquirus aims to diminish the market value of stolen goods by flagging them in a global network, although it does not offer recovery services. Enquirus incorporates AI image recognition for accurate registration of watches, allowing users to scan or upload images for identification. The platform serves various clients, including collectors and buyers, providing essential tools for due diligence before transactions. By fostering collaboration among the industry, law enforcement, and insurance companies, the goal is to collectively address the challenges of counterfeit and stolen goods, ultimately reducing theft and scams within the luxury market.
