Online Credit Card Fraud Soars – Latest Research

Europe’s largest Loss Prevention conference, Retail Fraud – London, yesterday saw some interesting figures emerge from this year’s Retail Fraud Survey, including a massive leap in credit card fraud recorded by retailers.

Hundreds of retailers passed through the doors at the Novotel London West yesterday to hear a line-up of speakers talk on the biggest issues confronting retail fraud and loss prevention. A highlight of the show was the launch of the 2015 Retail Fraud Survey, sponsored by WIS International, one of the leading global inventory and data collection services companies.

The UK Retail Fraud Survey 2015, now in its sixth year, is the most extensive report into the systems, processes and strategies of the UK’s top retailers. The most significant development recorded by the survey this year showed that online credit card fraud had increased from 43% in 2014 to 55% in 2015. A massive 28% increase and a great loss to retailers.

Paul Bessant of Retail Knowledge comments: “With a record number of retailers visiting the show, Retail Fraud – London has been a real success. There have been some great discussions and debates that have come out of the show, including some major reoccurring themes, such as the importance of a cross-functional, holistic approach to Loss Prevention and the sharing of big data.

“This year’s Retail Fraud Survey also reveals that retailers expect the level of online sales set to rise from 20% currently to 52% in three years. So retailers need to introduce a joined up approach to shrink now rather than later; both online and offline channels need to work together in order to fight retail crime effectively.”

Further highlights of yesterday’s Retail Fraud conference included the launch of the 2015 Retail Fraud Survey; hot topic panel discussions with some of the UK’s biggest retailers including John Lewis, WHSmith, Next and Waitrose; and the Big Fight Live, the joint presentation where Tim Edwards, LP Director of JD Sports and Tony Sales, the UK media named Britain’s greatest Fraudster, went head to head over Agon Systems Concept Tag.

Retail Fraud Survey: http://www.retailfraud.com/retail-fraud-show/

Retail Knowledge: http://www.retailfraud.com

WIS International: http://www.countonwis.com

Agon Systems: https://www.agon-systems.com

ENDS

Notes to editors:

Retail Knowledge, who commissioned the Survey, are organisers of the Retail Fraud conferences worldwide, promoting best practice and leadership in Retail Risk and Loss Prevention.

The study is based on primary research, carried out between January to March 2015, on the processes, systems and strategies used by the UK’s leading retailers. This study represents retailers with annual sales totalling £143 billion, i.e. 49% of the total UK retail sector and encompasses 33,500 stores.

Survey sponsor:

WIS International is one of the leading global inventory and data collection services companies. Using their internally developed software, patented hardware and skilled workforce they provide physical inventory counting, merchandising and space optimisation services to the majority of leading retailers worldwide.  WIS International maintains an industry reputation for many first-ever, proprietary technology innovations including the integrated, single-handed inventory count terminal.

Agon Systems is a manufacturer of Electronic Article Surveillance (EAS) equipment based near Biel, in Switzerland. Over the last 20 years Agon Systems has produced more than 200,000 high quality EAS antenna, which have been installed in some of the highest profile retail locations around the globe.

Once dubbed ‘Britain’s Greatest Fraudster’ by the UK media, Tony Sales is now a reformed character using insider knowledge to help UK retailers fight back against targeted retail fraud attacks. He is an acknowledged world expert on ID fraud, credit card fraud, bank fraud and internet fraud.

JD Sports & Fashion Plc employs 15,000 people across six European countries, with over 900 retail outlets and distribution functions.

Retail Fraud shows are the definitive event for all aspects of physical and technological fraud prevention within the retail and online environment. http://www.retailfraud.com/retail-fraud-show/

For any further information or interview requests please contact Rachel Powell at Really Effective Marketing on 01603 858 458 or rachelpowell@really-effective.com