Retail Fraud – Still a Tremendous Problem
A recent survey by the National Retail Federation shows that although retailers are not expecting fraud rates to go up considerably this holiday season, it is still a tremendous problem. The cost to retailers this season may be as high as $3.48 billion, down from $3.73 billion from last year. Part of this reduction comes from enhanced return policies and required identification when receipts are not presented for returns.
Still, such fraudulent returns as the following will be problems that retailers will need to address to avoid great losses this season:
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The return of stolen merchandise
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Employee return fraud/collusion with external sources
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Wardrobing (the return of used, non-defective merchandise like special occasion apparel and certain electronics)
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The return of merchandise purchased on fraudulent or stolen tender
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The use of counterfeit receipts to return merchandise
Will the new return policies affect the honest shopper? Probably not. According to the survey conducted last year by NRF, 88.4% of Americans feel that store return policies are fair.
If you want changes to the receipts you give to your customers, we can do those modifications for you. Call us at 800-672-4806 or email us for more information.