Have UK retailers suffered considerably higher levels of shrink this year?

shutterstock_322307897With budgets under siege and the retail landscape looking less than inviting, UK retailers could use some good news. However, early indications are that UK retailers are in for further bad news.

The UK Retail Fraud Survey 2016, sponsored by WIS International, now in its seventh year, is the most extensive report into the systems, processes and strategies of the UK’s top retailers.

Sources say that, whilst final figures have not yet been collated, early indications are that retailers could be seeing soaring losses, especially in the areas of credit card fraud and return fraud.

Credit card fraud is a wide-ranging term for theft and fraud committed involving a payment card as a fraudulent source of funds in a transaction. The fraudster either can buy goods without using their own money or obtain funds from an account that doesn’t belong to them.

Returns fraud is when someone defrauds a retail store via the returns process. There are various ways in which this crime is committed and includes wardrobing or renting, e.g. clothes or a video for a special occasion, returning stolen merchandise, receipt fraud, employees returning stolen goods for full price, price switching and price arbitrage.

Paul Bessant commented: “Whilst only participating retailers are entitled to a full copy of the Survey the key findings will be announced at the conference. The Survey will allow participating retailers to benchmark, plan for future developments, fight loss and gain competitive advantage in their businesses.”

Steve Simmonds, head of sales at WIS International, the UK Retail Fraud Survey sponsor, commented: “We are very pleased to be able to support this important work. I know from my conversations with retailers that the value placed on the Retail Fraud Survey is very high. It truly provides a unique insight into what issues are emerging in the world of retail fraud and loss prevention and allows retailers to both benchmark their own performance as well as prioritise areas where others are already being challenged.”

The results of the Survey are being revealed at Retail Risk – London on 21st April. This year’s conference, headline sponsored by Ai Corporation, Kings Security and WIS International, features a host of international LP talent, some drawn from the region and others flown in from other major retail hubs around the world; specifically to share their experiences of emerging threats and how they are being dealt with successfully. To claim your free access all areas VIP pass visit: http://www.retailrisk.com/london-booking/

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