NRF: Holiday season fraud will cost retailers $3.39 billion |
Written by Jeremy Burns | |
Monday, 30 December 2013 11:20 AM America/New_York | |
The retail industry will lose an estimated $8.76 billion to return fraud this year, and $3.39 billion during the holiday season alone, according to the National Retail Foundation (NRF). NRF’s 2013 Return Fraud Survey, completed by loss prevention executives at 62 retail companies, also showed that 5.8% of holiday returns are fraudulent, up slightly from 4.6% last year. “While coverage of this issue paints return fraud as one of the ‘less severe’ retail crimes, the fact of the matter is that returning used or stolen items, or even using false tender to purchase items is fraud, period,” said NRF Vice President of Loss Prevention Rich Mellor. “Recent efforts to combat fraudulent activity are slowly starting to work, but criminals are becoming more savvy and technologically advanced in their methods, making it even more difficult for retailers and law enforcement to keep up with the growing problem.” |
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