In 2023, UK retailers faced substantial financial losses due to cyber attacks and fraud, totalling £11 billion.
- The rapid advancement of criminal technology poses a significant threat to retail margins, making defensive strategies essential.
- Eric Horgan from Elavon discusses effective measures in fraud prevention on the Retail Gazette Unpacked podcast.
- Key areas of concern include return policy abuse, online payment fraud, and phishing attacks.
- AI’s involvement in facilitating fraud is also a critical focus, offering insights into modern protection methods.
In 2023, UK retailers experienced significant financial strain due to cyber attacks and fraudulent activities, resulting in a loss of £11 billion in revenue. Such losses are particularly impactful given the current narrow margins in the retail sector, potentially influencing the viability of continued operations for some businesses.
The rapid development of criminal tools has exacerbated the difficulty of staying ahead in fraud prevention. Effective defence mechanisms are crucial to safeguarding retail operations from potential threats posed by increasingly sophisticated fraudulent techniques.
Eric Horgan, the Chief Product Officer for Europe at Elavon, provides insight into combating fraud on Retail Gazette’s new podcast series, Unpacked. His expertise offers valuable guidance on contemporary methods to protect against financial losses from fraudulent activities.
Significant threats include abuse of return policies, fraudulent online payment activities, and phishing attacks. These areas are critical for retailers to address in order to maintain financial integrity and customer trust.
The role of artificial intelligence in enabling fraud is a pivotal subject in the discourse on retail security. Understanding how to leverage AI for the prevention, rather than facilitation, of fraud is essential for futureproofing retail protections.
Timely and informed strategies are vital for retailers to counteract the evolving threats posed by fraud.
