New US Fraud survey reveals $54bn retail fraud loss per year.

Kount and Volumatic have sponsored US Retail Fraud Survey 2013 with hopes that knowledge will assist retailers experiencing increasing losses.

Kount and Volumatic have sponsored US Retail Fraud Survey 2013 with hopes that knowledge will assist retailers experiencing increasing losses.     

The survey (recently launched and carried out by Martec International on behalf of Retail Knowledge) included the input of loss prevention representatives from within the 100 North American retailers involved in the study, all able to boast annual sales totalling $898 billion and collectively representing more than a fifth of retail in North America.

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The investigation into strategies, processes and systems of participating companies generated a pool of data including for example that: Credit cards are responsible for 83% of all online fraud and that mobile sales are often not accounted for in fraud prevention techniques, even though 34% of retailers offer mobile sales to their customers.

Paul Bessant, managing director of Retail Knowledge, said: “We are very excited about launching the Survey in the US. Its sister publication is established in the UK as an invaluable information tool for retailers, in developing their loss prevention strategies. It also enables retailers to benchmark their performance as well as providing compelling data when presenting an internal business case for new investment”.

VP of Kount marketing, Don Bush, acknowledges the particular vulnerability of online merchants and echoes the ongoing warnings that we get from reported crimes taking place in this space, when he says: “As retail moves increasingly online, the threat of card-not-present fraud is skyrocketing. The results of the study show even the largest retailers may not be prepared for online, especially mobile, fraud. We hope the study helps merchants identify where their security strategy needs some work to ultimately decrease preventable losses”.

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