Fraud

As retailers leverage online shopping options for busy customers this holiday season, they’re finding that industry-wide, sales are up (and continuing to rise), and the industry is expected to exceed $6 trillion in sales this year. Across all shopping channels, from in person, to picking up in-store, to ordering something online if it’s not available…

Gift card fraud is a pervasive challenge. In 2023, gift card-related fraud comprised $217 million of the record-high $10 billion in funds lost from scams nationwide. In 2023, gift card sales topped nearly $200 billion in the U.S., and about 50 percent of U.S. consumers said they planned to buy gift cards due to their…

Nearly one in five retail transactions occur online, with that figure rising each year. While retailers have adapted their strategies to reflect this consumer behavior, there’s one massive issue that they’re grappling with, especially given the rise in artificial intelligence: e-commerce fraud. Today’s fraudsters have more opportunity than ever to commit crime, using identity as…

It may not feel like it right now, but the winter holiday shopping season will be here in just a few months. While you’re planning your marketing campaigns and product mix for holiday 2024, take some time to review and update your fraud strategies. Adapting your fraud prevention to account for trending e-commerce fraud methods…

Rite Aid announced this week it suffered a cybersecurity breach on June 6 and roughly 2 million customers' information was stolen in the hack, reports Newsweek. The drug store chain said the hacker impersonated a company employee to access customer information from 2017 and 2018. This data included purchaser name, address, date of birth, and…

Account takeover (ATO) fraud costs businesses and consumers billions. ATOs happen when an unauthorized party accesses an online account. This type of fraud has victimized nearly 30 percent of Americans and caused $13 billion in financial losses in 2023 alone. The damage extends beyond money to reputation and consumer trust. The ATO threat is growing.…

Retail shrinkage accounts for $94.5 billion in losses annually for the U.S. retail industry. However, it's not the only theft the sector needs to worry about. The 2024 Verizon DBIR found that credentials are the most frequently breached data in the retail industry. Cybercriminals continue to focus on stealing credentials due to the ease of obtaining them and because password…

If you're only now considering methods to reduce the growing rates of self-checkout (SCO) fraud and theft, you might already be two steps behind. According to the 2023 National Retail Security Survey Report sponsored by Appriss Retail, National Retail Federation (NRF), and Loss Prevention Research Council (LPRC), 68 percent of retailers said external theft was…

Fraud is a costly reality and a challenge to tamp down in today’s omnichannel retail environment. In 2023, the retail industry experienced the largest percentage (8.7 percent) of suspected fraudulent digital transactions globally, a 21 percent increase over the previous year, and 34 percent growth in suspected digital fraud volume year-over-year according to TransUnion’s 2024…

Go to any retail store and the associates likely have some spooky stories to tell when it comes to returns fraud and abuse. For instance, imagine a box arrives for a returned computer and all that’s inside is a heap of heavy rocks. Unfortunately, fraudsters and organized retail crime (ORC) groups are only getting craftier…