Return Fraud to Cost Retailers $2.9 Billion This Holiday Season
Return fraud is estimated to cost retailers $2.9 billion this holiday season as criminals return stolen merchandise, use counterfeit receipts or even return items that have been already worn or that are not defective, according to NRF’s2012 Return Fraud Survey, completed by loss prevention executives at 60 retail companies.
The survey estimates that the industry will lose an estimated $8.9 billion to return fraud this year, and $2.9 billion during the holiday season alone. Overall, retailers estimate that 4.6 percent of holiday returns are fraudulent, an NRF press release states.