The Survey, launched in 2013, is based on primary research into the systems, processes and strategies used by 100 of the US’s top retailers. It provides the single most detailed picture available of the evolving fraud challenge facing retailers, in all its dimensions, promoting a collaborative stance by the retail risk and loss prevention community against fraud.
The Retail Fraud Survey has become widely accepted as the definitive work on key issues surrounding retail risk and loss prevention, producing uniquely insightful and up-to-date analysis.
The Survey is important for the retail industry, as it shows what people are really doing in terms of systems used, strategies adopted and key benchmarks. It allows retailers to improve key business processes and practices, and inevitably improve their bottom lines.
Paul Bessant of Retail Knowledge, publishers of the Survey, said “we are delighted that Volumatic continue to support the US Survey. They are an innovative, thought leading company who continue to support this important work for the greater good of the retail risk and loss prevention communities around the world. We are very pleased to be working with them for the third year in a row.”
James Harris, Commercial Director at Volumatic commented, “We are very pleased to continue our support for the US Retail Fraud Survey. The Survey really provides a detailed picture of the evolving fraud challenge for retailers, in all its dimensions. In light of recent events, there has never been a more important time for collaboration. Knowing the trends and keeping tuned-in to the current threats merchants are dealing with helps the entire industry stay ahead of the increasing hazards of fraud.”
An exclusive briefing session for participating retailers was held at Retail Fraud – New York; the newest location to be added to the Retail Fraud event calendar. The briefing showed participating retailers how they can best use the latest Survey information to fight loss and gain competitive advantage in their businesses.
This year’s Survey has highlighted that:
- The biggest area of online loss remains, overwhelmingly, from the fraudulent use of credit cards (66%) up from 59% last year.
- Credit card fraud increase 12% since last year. Biggest cause of shrink to retailers.
- Return fraud is costing retailers an average of 0.31% of sales this year compared to 0.25% last year.
- Significant increase in usage of all types of online loss prevention systems
- 42% of retailers still don’t use payment security systems to protect customer data
- Use of cash increases by 8% since last year
- Analytics and monitoring capabilities remain the number one concern for online traders
Source: Retail Knowledge
