Cyber criminals making off with millions from UK retailers

24 August 2012

burglarThe retailers of the United Kingdom are losing a lot of dough to cyber criminals every year. Hundreds of millions according to the British Retail Consortium (BRC).

In fact, the BRC think that cyber crime is the single biggest threat to the retail sector and, thanks to being an emerging market, will only get worse, especially given that more sophisticated scams are developed.

Online criminals are costing retailers £205.4m say BRC, with the biggest cost coming from ID theft related fraud, with card fraud second and refund fraud third.

"Online retailing has the potential for huge future commercial expansion but Government and police need to take e-crime more seriously if the sector is to maximise its contribution to national economic growth," said British Retail Consortium director general Stephen Robertson.

"Retailers are investing significantly to protect customers and reduce the costs of e-crime but law makers and enforcers need to show a similarly strong commitment. Law enforcement and the Government need to work with us to develop a consistent, centralised method for reporting and investigating e-crime and resources must be directed to e-crime in line with the emerging threat."

TOPICS:   High Street News   Scams


  • Gogzee
    We have had a spate of fraudalant orders, mostly on American cards which we only noticed when we got an email from a Navy base in Hawaii. Sage pay just does not pick up the fact that the card is registered in a seperate country. We have had to manually check every purchase. The Police don't want to know either stating taht the card company's have to contact them. We have signed courier notes for delivery address's, they could just kick their doors ( and heads) in for an easy bust!!
  • Meow
    I tend to use a pre-pay card on most internet transactions so I am limited to the balance on my card. Also for any subscriptions I can't fall into the trap of getting stuck into debit card recurring payments. What pisses me off is too many companies pre-authorise upto £2 to test your card so it leaves that amount unavailable! (even if your card is already registered on their website! It can take up to a fortnight to be released!)
  • dvdj10
    Meow, it's £2... Hardly going to break the bank!
  • Darren
    TV and radio adverts raising awareness of the subject ought to be on the agenda. Corporations and companies could come up with something I'm sure.

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