"Rising fraud is putting significant pressure on UK retailers, with half of businesses at risk of closing or scaling back in the year ahead, new research finds. The research from leading European financial technology provider payabl.'s Fraud in Europe report shows that the impact of fraud on retailer operations, margins and customer trust has become so significant that 48% of retail leaders have actively considered closing or scaling back their"
"While financial losses from fraud remain significant costing UK businesses 1.17 billion in 2024, according to UK Finance the wider impact on merchants and the consumers they serve is becoming increasingly severe, as overall UK business confidence continues to deteriorate, according to the ICAEW. Overall, 36% of retailers reported a direct loss of income due to fraud. While this is the most explicit impact, retailers are also experiencing other significant repercussions from fraudulent activity."
Rising fraud is creating severe operational and financial strain for UK retailers, prompting nearly half of retail leaders to consider closing or scaling back. UK businesses faced losses of 1.17 billion in 2024, and 36% of retailers reported direct income loss due to fraud. Fraud has damaged reputations for 52% of retailers and harmed customer loyalty for 21%, with larger businesses more affected. The most frequent fraud types are fraudulent returns and refund fraud (44%), purchases using stolen payment details (36%), and chargeback/friendly fraud (31%). Most decision-makers feel responsible and are dedicating more time and resources to prevention.
Read at londonlovesbusiness.com
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