Retail Fraud Is On The Rise As Companies Grapple For Solutions

Fraudulent retail transactions are on the rise, especially as more shoppers turn to the internet to ring up purchases, making tracking consumers more onerous and costly. The level of fraud as a percentage of retailers’ revenues has climbed to 1.58 percent year to date from 1.47 percent a year ago, according to a study by LexisNexis Risk Solutions, an Atlanta-based data analytics provider. The group surveyed more than 650 risk and fraud executives from retail organizations. “Merchants selling physical and digital goods often apply a one-size-fits-all program to fight fraud, and they use a limited set of solutions,” Kimberly Sutherland, a senior director of LexisNexis’ fraud and identity management strategy, said in a statement. “These less advanced and less sophisticated legacy solutions do not appear to be working, given the sharp rise in costs and volume of successful fraud attempts.” See more at CNBC.