Retail Technology: Cost of retail crime hits £2.34 billion

June 3 — Cost of retail crime hits £2.34 bilion

UK retailers lost £2.34 Billion to shrinkage in just 12 months, according to the UK Retail Fraud Survey 2016

Lisa Baergen, director at NuData Security, explained: “This year, we have determined that fraudsters are leveraging more sophisticated attack vectors, focusing increasingly on account takeover and account creation. In 2015 we identified 45.95% of accounts created, across our financial institution and ecommerce clients, as fraudulent attempts against customers of some of the largest banks and merchants globally. This was a 66% increase in account creation fraud since 2014, when the rate was 27% of all accounts.This shows us that thieves are beginning to value user accounts, with related details of payment information attached, more highly.”

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