Blog: US retailers forecast $3.4bn holiday fraud loss
Katie Smith | 9 December 2013
Holiday return fraud is likely to cost US retailers US$3.39bn this year, new research suggests.
According to a survey by the National Retail Federation (NRF), 5.8% of holiday returns are expected to be fraudulent in 2013, up slightly from 4.6% last year.
Nearly all (94.8%) retailers surveyed said they have experienced the return of stolen merchandise in the last year, while 69% noted they have experienced the return of products purchased on fraudulent or stolen tender.
In addition, 29.3% found criminals using counterfeit receipts to return merchandise.
One of the biggest issues retailers faced was 'wardrobing' - the return of used, non-defective merchandise such as occasion wear.
To combat this, many companies have employed specific tactics, with 62.1% having been victims of wardrobing in 2013, down from 64.9% last year.
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