For the first time in recent years, credit card fraud -- which remains the highest fraud type for online retailers -- has dropped from 59 percent of total fraud found in the 2016 holiday week to 42 percent of total fraud found in 2017 the holiday week.
Organized retail crime is continuing to grow, with 67 percent of retailers surveyed reporting an increase in the past year, according to the 13th annual ORC study by the National Retail Federation.
A new study reveals there is a lot retailers can do to boost future revenue by more effectively managing online purchase returns and fraud detection processes.
“Retail is never boring, and that’s a good thing,” says Michael Case, Director of Loss Prevention for Art Van Furniture Inc., an American furniture retail store chain.
According to the 2017 Debit Issuer Study, U.S. financial institutions substantially increased issuance of chip debit cards in 2016 and experienced reduced fraud losses.
Thefts from retailers and other inventory “shrink” grew to $48.9 billion in 2016 from $45.2 billion the year before even as budget constraints left retail security budgets flat or declining.
More than 438,000 shoplifters and dishonest employees were apprehended in 2016 by just 23 large retailers who recovered more than $120 million from these thieves, according to the 29th Annual Retail Theft Survey by Jack L. Hayes International.
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