Nearly Two-Thirds of Merchants Experience Employee Return Fraud
JoTo PR client, Chargebacks911, was highlighted in a Patch Online article titled, Black Friday, Holiday Sales Employee Fraud Could Top $15.4B.
Retail experts predict holiday sales will bring in a record $1 trillion this season — an estimated $123.7 billion of it in online sales — and if past years are an indication, workers will steal billions of dollars from their employers. The problem is growing as traditional brick-and-mortar stores move to online marketplaces, where their old responses to shoplifting and return fraud don’t work.
“They know brick-and-mortar security, but online sales create a lot of loopholes, and they’re still rather new to the environment,” Eaton-Cardone told Patch. “They’ve been selling at a physical store for 30-plus years and move into an environment they don’t completely understand.” The reasons employees steal vary. For the majority (58 percent), the opportunity simply presents itself because of loose or one-size-fits-all approach, according to a Certified Fraud Examiners study. “If you’re an employee, you know the inside scoop, how to navigate, where to look,” she said. “Your job is to know what kind of steps the company goes through to find fraud.”
Chargebacks911 empowers businesses to combat constantly evolving fraud tactics and mounting customer disputes that directly threaten profitability. Operating as The Chargeback Company in Europe, Chargebacks911 has pioneered effective, industry-leading solutions designed to reduce chargeback fraud, alleviate processing costs, mitigate risk and recover revenues. The company’s unparalleled expertise and proprietary technology have earned three consecutive CNP Customer Choice Awards for Best Chargeback Management Solution, three successive AI Lions’ Den Awards for Best Airline Industry Solution, and Gold and Silver Stevie Awards from the American Business Awards (ABA). Discover why Chargebacks911 is a hero to the payments industry, nemesis of fraudsters and trusted protector of over 2.4 billion transactions per year, representing clients worldwide—visit https://www.chargebacks911.com.
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