Fraud

A Growing Threat: Return Fraud Continues to Significantly Expand YoY
February 15, 2024 at 2:27 pm

In mid-January, I had the pleasure of attending the NRF “Big Show” Conference in New York City. As always, it was great to meet new people, reconnect with prior colleagues, and finally meet some people in person — we have been on video calls way too often in the past three years! As expected, retailers…

How Traceability Technology is Helping Luxury Retailers Stay in the Game
February 14, 2024 at 11:40 am

In an age where everyday goods cost more than ever, is our appetite for the finer things subsiding? According to Bank of America card data, credit card spending for luxury fashion is down 16 percent year-over-year, the product of a six-quarter-long decline. In October, one of the world’s top luxury retailers saw its stock drop…

What Retailers Can Learn From 2023 Holiday E-Commerce Data
February 12, 2024 at 12:40 pm

After several years of altered consumer behavior and often-conflicting news about the economy throughout 2023, retailers have sometimes found it challenging to understand what’s normal customer behavior now. Regardless of the trends and pre-holiday forecasts, assessing how your store actually performed is the key to preparing for a stronger holiday season performance in 2024 —…

The Merchant's Dilemma: Embracing Gen Z's Digital Payment Methods While Mitigating Fraud
January 31, 2024 at 11:31 am

Defined by rising prices and growing inflation, the last two years have been full of financial challenges for consumers. While all age groups have felt the pain, Gen Zers have faced particularly difficult headwinds. Research indicates that three-quarters of this generation — those born between 1996 and 2012 — have had to adopt new spending…

VF Corp. Holiday Cyberattack Impacted Over 35 Million Customers
January 23, 2024 at 5:28 pm

VF Corp., the parent company of popular apparel brands Vans, Supreme, and The North Face, said last week that hackers stole the personal data of 35.5 million customers in a December cyberattack, reports TechCrunch. The filing to regulators didn't say specifically what kinds of personal data was taken, or if the company yet knows what…

Tackling Holiday Returns? The Secret to Success Unveiled
January 4, 2024 at 10:29 am

A whopping 69 percent of retailers treat returns as a cost of doing business, meaning they simply accept that they will incur $165 million in merchandise returns for every $1 billion in sales. This problem is further exacerbated during the holiday season when 17.9 percent of merchandise sold is returned. But what if one shift could…

EDA Fights the Fraudsters: Keeping Retailers and Customers Safe
December 21, 2023 at 4:47 pm

The holiday season and year-end months account for as much as a fifth or more of annual sales for some retailers, with 2023 set to be no exception. Thanksgiving and Black Friday may have passed, but as consumers get ready to enjoy the final days of the holiday season, it’s the perfect opportunity for fraudsters…

Preventing Promotion Abuse: How to Leverage User Loyalty and Customer Acquisition This Year
December 21, 2023 at 3:01 pm

Innovations in frictionless-yet-secure transactions are becoming increasingly important when it comes to navigating promotions in various industries, a weapon often used to boost customer acquisition and loyalty. An estimated $1.5 million is lost each month by U.S.-based delivery companies attributed to promotion abuse, a type of online fraud in which bad actors take advantage of…

Vans Owner VF Corp. Hit by Cyberattack, Holiday Order Fulfillment Impacted
December 18, 2023 at 7:37 pm

On Monday, VF Corporation, the U.S.-based owner of apparel brands including Vans, Supreme, and The North Face, confirmed a cyberattack has impacted the company’s ability to fulfill orders ahead of Christmas, reports TechCrunch. The company first detected the attack on Dec. 13, according to a filing with federal regulators. Hackers disrupted the company’s operations “by…

Holiday Havoc: How Retailers Can Stay Ahead of Cybercrime
December 18, 2023 at 9:23 am

This holiday season, U.S. online sales are projected to grow nearly 5 percent over last year’s numbers, which is good news for retailers hoping to close out the year with a strong Q4. Unfortunately, cybercriminals are targeting retailers with growing regularity. During the holiday season, any website downtime or service outage can result in significant…