Retailers in the UK are grappling with a significant increase in fraud-related losses, amounting to £11 billion in 2023.
- The evolution of cyber crime poses substantial threats to retail businesses with increasingly sophisticated tools.
- Retail Gazette’s podcast delves into methods for combating various forms of retail fraud.
- Eric Horgan provides insights on addressing return policy abuse, online fraud, and phishing.
- The discussion highlights the critical role of AI in the escalation and prevention of fraud.
In 2023, the UK retail sector suffered unprecedented financial losses due to cyber attacks and fraud, reaching a staggering £11 billion. This alarming figure underscores the critical importance of implementing robust defenses as retail margins continue to shrink. Retailers must safeguard themselves against bad actors intent on exploiting vulnerabilities to commit fraudulent activities.
The landscape of cyber crime is evolving rapidly, with new tools and methods constantly emerging. This dynamic environment presents significant challenges for retailers striving to stay ahead of perpetrators. The key to effective defense lies in understanding and adapting to these changes with proactive measures.
In a recent episode of Retail Gazette’s new Unpacked podcast, Eric Horgan, an expert in card transaction systems, discusses strategic approaches to mitigating retail fraud. He stresses the need for comprehensive strategies to counteract specific threats like return policy abuse, online payment fraud, and phishing.
Horgan emphasizes the transformative potential of AI in both fueling and combating fraud. Artificial Intelligence, while facilitating some aspects of fraud, also offers powerful tools for detection and prevention, enabling retailers to identify and respond to threats more effectively.
The podcast provides essential insights into maintaining continuous protection against cyber criminals, highlighting practical steps that retailers can implement to protect their businesses and customer data.
Retailers must stay vigilant and adapt quickly to counteract the ever-present threat of fraud, ensuring their continued operation and customer trust.
