While it's certainly the future, self-checkout is also a mature technology with persistent, unaddressed problems in need of a fresh fraud prevention approach. [Sponsored]
LPRC researchers discovered an organized retail crime (ORC) ring based out of Chicago and were able to investigate this group closely to learn more about their return methods and routines.
Experian has noted that credit card fraud is the most common form of personal financial fraud. Statistics say that 47 percent of adults in the United States have reported being victimized by a fraudulent purchase on their credit or debit card, and that percentage is predicted to rise.
“The little blue box is very important—it is our reputation, it is our brand. When people sell counterfeit blue boxes with fake jewelry, it tarnishes the brand,” said Tiffany & Co.'s Charles Olschanski.
"Fueled by the proliferation of Internet use and social media platforms, the magnitude of global physical counterfeiting is estimated to have increased significantly since the beginning of this century."
A significant portion of organizations are overlooking the most effective anti-fraud measures, according to ACFE data. For example, proactive data monitoring and analysis is an anti-fraud control measure at just 37 percent of victim organizations.
Loss prevention has taken on perhaps the greatest scrutiny it has ever experienced because of the jump in identity theft and transactional fraud that has businesses under attack on virtually every revenue-generating front.
Popular retail fraud topics in 2018 included the latest update for credit card fraud news, the side effects of chip technology, and fraudulent returns during the holiday season.
While e-commerce merchants typically have a return rate of around 20 percent, it can reach 30 percent during the holidays. So, too, rises fraud.
Often, these theft events will occur in the retail setting, but there are other ways by which the devices can be used to steal information. Unfortunately, all it requires is a little illicit technology and a lot of criminal intent.