Articles Tagged with ''retail theft''

Trustmark National Bank and Green Bank N.A. have sued security firm Trustwave for damages suffered from the holiday season data breach at Target Corp, accusing the company of failing to identify security gaps.

Merchandise returns in 2013 cost U.S. retailers more than $267 billion in lost sales, and retail fraud and abuse accounted for $9.1 billion to $16.3 billion in the United States, an increase of 2.6 percent from 2012, according to The Retail Equation’s 2013 Consumer Returns in the Retail Industry report.

Thieves armed with hammers stormed a jewelry store in Memphis, Tennessee, and stole dozens of Rolex watches.

Shoppers who used credit cards or debit cards at Target between November 27 and December 15, 2013 may have been hacked.

Shrink, comprised of shoplifting, employee or supplier fraud, organized retail crime and administrative errors, cost the retail industry more than $112 billion globally last year, according to the 2012-2013 Global Retail Theft Barometer, and represented 1.4 percent of retail sales, on average.

Crooks who steal credit and debit card numbers are now using an off-the-shelf technology to compromise computerized store cash registers.

As if the retail industry hasn’t suffered enough in recent years, growing in severity, number and type, retailers are reporting that organized retail crime (ORC) has become more troublesome than ever before.

By pretending to be executives at a well-known financial institution, the alleged scammers created a bogus line of credit and spent upwards of $220,000. 

Businesses lost $30 billion a year to organized retail crime, according to The National Retail Federation. Several Cook County enterprises are teaming up to get crime data and investigation material out to retailers in seconds, not days.

Retailers in Massachusetts have been trying to get a bill passed that would crack down on organized retail crime since 2007.