Businesses around the United States unfortunately face instances of fraud, and this is especially felt by retailers that have to deal with stolen merchandise, damaged products and even large returns. There are several ways that companies are attempting to reduce these types of situations, as theft and fraud take a toll on revenues.

The CPA Practice Advisor writes that according to a study by the Centre for Retail Research, American merchants lost an approximate total of $8.9 billion during the 2012 holiday shopping season to fraud. This amount came from stolen items, employee misappropriation and other factors, the source notes. Fortunately, businesses are taking steps now to prevent these instances in the future, such as hiring store guards, equipping products with anti-theft devices and video surveillance.

Another form of fraud that many merchants are coming across is returns, as Retail Solutions Online states that some customers bringing back merchandise for exchanges or refunds are in fact fake. This is happening both in stores and online, as individuals are creating false receipts and submitting them for returns, the source reports. This newer form of fraud is getting the attention of companies, and many are taking steps now to pinpoint fake receipts and documents.

This entry was posted by Retail Pro on Tuesday, February 26th, 2013 at 9:51 am .