Company News • 24.08.2012

E-Crime Costing UK Retailers £200m A Year

The most expensive was personal identification-related frauds

Retailers have called on the Government and police to take e-crime more seriously as a new survey showed the problem costs UK firms £205.4m a year.


The figure includes £77.3m in losses in 2011-12 from fraud itself, £111.6m due to legitimate business being rejected because of crime-prevention measures and £16.5m spent providing better security. 


The UK is seen as a world leader in online retailing - it has the biggest internet spend per-capita of any country and 11% of global internet retail sales.


But many retailers lack confidence in the official response to e-crime, which is the biggest emerging threat to the retail sector, according to the British Retail Consortium (BRC).


Of those questioned in the BRC's first e-crime survey, 60% of firms said it was unlikely they would report any more than 10% of e-crimes to police.


In proportion to the total value of sales, e-crime is twice as costly as overall retail crime.


At £205.4m, e-crime represents 0.75% of the £28bn of online retail sales in 2011. The £1.4bn cost of retail crime as a whole is 0.36% of the £303bn value of all retail sales. 


The most expensive type of e-crime for retailers was personal identification-related frauds. These produced £20m of losses in 2011-12.


Card fraud was in second place, with £15m losses to retailers during the same period. Refund frauds were responsible for £1.2m in losses.


Other categories of e-crime which are a particular problem for UK retailers, but harder to quantify, include phishing (bogus websites).


After the US, UK brands and companies are the second most targeted in the world.


The BRC is calling for consistency on reporting, recording and investigating e-crime across the country and more police resourcing to be directed to e-crime.


BRC director general Stephen Robertson, said: "The rapid growth of e-commerce in the UK shows it offers great benefits for customers but also new opportunities for criminals. Online retailing has the potential for huge future commercial expansion but Government and police need to take e-crime more seriously if the sector is to maximise its contribution to national economic growth."

 

related articles:

popular articles:

Thumbnail-Photo: Top 8 supply chain technology trends in 2019...
07.05.2019   #supply chain management (SCM) #artificial intelligence

Top 8 supply chain technology trends in 2019

Technologies that supply chain leaders simply cannot ignore

Gartner, Inc. has identified the top 8 supply chain technology trends in 2019.Gartner’s top strategic supply chain technology trends have broad industry impact, but have not yet been widely adopted. They might be experiencing significant ...

Thumbnail-Photo: Posiflex: interactive self-service kiosk systems for the POS...
21.02.2019   #kiosk terminals #self service terminals

Posiflex: interactive self-service kiosk systems for the POS

Going through changes and coming out stronger - Posiflex aquisitions

Thumbnail-Photo: Social commerce 2.0: artificial intelligence detects purchase intention...
18.04.2019   #e-commerce #sustainability

Social commerce 2.0: artificial intelligence detects purchase intention

Choosy analyzes fashion trends on Instagram – and redesigns them

The fashion world moves at lightning speed – and more than ever thanks to the rise of social media. In the past, key trends emerged off the runways twice a year during fashion weeks. Now Instagram et al. set the tone daily thanks to feeds of ...

Thumbnail-Photo: SES-imagotag VUSION Pulse Software
30.01.2019   #data warehouse management #software management

SES-imagotag VUSION Pulse Software

Improve Profitability and Reduce Waste

For 25 years, SES-imagotag has been the trusted partner of retailers for digital technology in stores. SES-imagotag, the worldwide leader in smart digital labels and pricing automation, develops a comprehensive IoT and digital platform that delivers ...

Thumbnail-Photo: CIE 2019: Chinas premier B2B trade show
04.03.2019   #e-commerce #event

CIE 2019: China's premier B2B trade show

5th International Internet and E-commerce Expo in Shenzhen

CIE 2019, the 5th China (Shenzhen) International Internet and E-commerce Expo, is the premier B2B trade show in China that focuses specifically on internet technologies and e-commerce as well as the related industries. More than 400 exhibitors ...

Thumbnail-Photo: Toshiba: artificial intelligence for frictionless shopping...
21.02.2019   #self-checkout systems #Trade fair special EuroCIS 2019

Toshiba: artificial intelligence for frictionless shopping

AI, edge computing and smart shelf technology at the EuroCIS 2019

Thumbnail-Photo: The pharmacy of the future in Italy
23.01.2019   #electronic shelf labels (ESL) #Trade fair special EuroCIS 2019

The pharmacy of the future in Italy

Delfi Technologies is present on the Italian market

Pharmacies today need to innovate new technologies to support more efficient working methods, in order to save time and costs while providing a high level of customer service. Thanks to the Breece System with fully ...

Thumbnail-Photo: APG Cash Drawer: new SMARTtill business development manager...
15.05.2019   #cash management #cash handling systeme

APG Cash Drawer: new SMARTtill business development manager

APG Cash Drawer announces hire of SMARTtill business development manager

APG Cash Drawer, a fast-growing global manufacturer of cash management solutions, announced today the addition of Tony Pusateri as SMARTtill Business Development Manager. ...

Thumbnail-Photo: Robots in retail: producer and salesperson all-in-one at the fully...
15.03.2019   #artificial intelligence #customer retention

Robots in retail: producer and salesperson all-in-one at the fully automated kiosk

Interview with Matthias Krinke, Managing Director of pi4_robotics GmbH

At Berlin’s shopping mall Bikini Berlin, we meet the robot “Gisela”. The robot’s designer Matthias Krinke sat down with us and explained what she can do and revealed what the retail industry can expect from her and her ...

Thumbnail-Photo: Cameras, comfort and Artificial Intelligence...
09.04.2019   #security #cashpoints, cash register, cash desk

Cameras, comfort and Artificial Intelligence

Video: What self-checkout systems can already offer today

Self-checkout systems are enjoying ever greater acceptance and are regarded as an important future topic for retailers and customers. ...

Supplier

Axis Communications GmbH
Axis Communications GmbH
Adalperostraße 86
85737 Ismaning
MobiMedia AG
MobiMedia AG
Rottpark 24
84347 Pfarrkirchen
Casio Europe GmbH
Casio Europe GmbH
CASIO-Platz 1
22848 Norderstedt
AURES Technologies GmbH
AURES Technologies GmbH
Maisacherstr. 118
82256 Fürstenfeldbruck
LANCOM Systems GmbH
LANCOM Systems GmbH
Adenauerstraße 20 / B2
52146 Würselen
Elo Touch Solutions NV
Elo Touch Solutions NV
Kolonel Begaultlaan 1C11
3012 Leuven
CCV Deutschland GmbH
CCV Deutschland GmbH
Gewerbering 1
84072 Au i.d.Hallertau
iXtenso - Magazin für den Einzelhandel
iXtenso - Magazin für den Einzelhandel
Celsiusstraße 43
53125 Bonn
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen