Retailers Expect Return Fraud to Cost Them BillionsDecember 8, 2013
Retailers in the U.S. expect to lose more than $8 billion this year due to return fraud, including close to $3.4 billion just in the holiday season. That's according to a survey released Friday by the National Retail Federation.
NRF also stated that 5.8 percent of holiday returns are fraudulent.
“While coverage of this issue paints return fraud as one of the ‘less severe’ retail crimes, the fact of the matter is that returning used or stolen items, or even using false tender to purchase items is fraud, period,” NRF Vice President of Loss Prevention Rich Mellor said as part of the announcement.
“Recent efforts to combat fraudulent activity are slowly starting to work, but criminals are becoming more savvy and technologically advanced in their methods, making it even more difficult for retailers and law enforcement to keep up with the growing problem.”