Survey explores retail fraud in-depth

Retail Knowledge Ltd and sponsors Kount and Volumatic, both payment experts, have released the Retail Fraud Survey 2013/14.

The most extensive report into loss prevention in the UK, the survey explored the concerns and challenges of 100 of the country’s top retailers. This year’s study revealed online shrinkage is dealt with separately from that taking place in stores, and overall shrinkage shrinkage levels “could potentially be reduced by retailers who have a more holistic approach to profit protection across all sales channels,” according to a press release.

Retailers surveyed for the study also predict their online sales to increase from 12% currently, to 27% in three years. As online sales figure grow, the study indicates restructuring that sees in- store and online loss prevention managed together.

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Additional key findings of the study include:

*A decrease in shrinkage this year to 0.9% from 1.0% of sales last year, though this still corresponds to a massive estimated loss of approx. £2.6 billion

*Shoplifting or external theft is the biggest area of store loss followed by employee theft of stock.

*The biggest area of online loss is from stolen credit cards.

*A high proportion of retailers that trade online do not have even basic analytics systems.

The study may be purchased online.

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