Cyber criminals making off with millions from UK retailers
The 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."