Fraud news and archive

Online retailers see sharp rise in retail fraud

The fashion and retail industry has seen a surge in account takeover fraud, as cases filed to the UK's National Fraud Database (NFD) jumped by 142 percent in the first half of 2024, according to data from Cifas, the UK's leading fraud prevention service. The increase poses a significant challenge for online retailers, particularly in the fashion...

RetailFeatured

Retail fraud surges in UK, costing businesses millions

A rise in retail fraud has hit UK businesses hard in the first half of 2024, according to a recent report by payments specialist Dojo. The company's analysis of data from the National Fraud Intelligence Bureau (NFIB) reveals a staggering 545 percent increase in reported cases compared to the same period in 2023. The financial impact has been...

Fashion Featured

60,000 pairs of sneakers to be sold from 85 million dollar re-sale scheme

Online sneaker store Zadeh Kicks was once the go-to platform for sneaker resale, specialised in limited edition and hard-to-get styles. But for years owner Michael Malekzadeh was running an apparent Ponzi scheme, and last year recorded over 84,500 pre-orders valued at 100,000,000 dollars. Many customers are yet to receive their orders or be...

RetailFeatured

Fraud attacks on fashion e-commerce increased 47 percent in 2018

As online retail grows, so does online fraud. Criminals are getting more and more sophisticated, requiring e-commerce companies to stay up to date about their techniques. “Fraudsters have access to more private information than ever before, and as online criminal networks expand, the access to phishing kits or ‘crime-as-a-service’ opportunities...

Fashion

Leading Muslim fashion designer jailed in Indonesia fraud

An Indonesian fashion designer who shot to global fame with her Muslim-themed collection was sentenced to 18 years in prison Wednesday for a multi-million dollar fraud and money-laundering. A court near Jakarta convicted Anniesa Hasibuan, 31, and her husband of cheating customers who booked pilgrimage trips to Islam's holiest city Mecca through...

Fashion Featured

Sneakers: The riskiest apparel to sell online

London - It cannot be denied that 2016 was the year of the sneaker. Last year saw women in the UK splash out more cash than ever for the perfect pair of comfortable kicks, as the sales of trainers surpassed those of high heels for the first time, according retail analyst firm Mintel. From the front row of London Fashion Week, to the head offices...

Business |REPORT

Retailers lag behind in m-commerce fraud awareness

London - The rise in m-commerce - online shopping via a smartphone, has been widely anticipated and celebrated by fashion retailers around the globe. However, together with the rise of m-commerce also comes the rise of m-commerce fraud. Mobile in general is less secure than standard e-commerce, warns Kount, fraud detection provider, in its 4th...

Retail

Fraud attacks up 163 percent in 2015

London - With e-commerce continuing to grow, so does the fraud attacks, according to a new study by the Global Fraud Attack Index, and 2015 reported an increase of 163 percent in the number of attacks by fraudsters, growing two and a half times in a three-quartered period. The quarterly index created by PYMNTS.com and Forter, benchmarks the rate...

Business

Holiday shopping fraud cost for retailers estimated to reach 2.2 billion dollars

In a recent study, the National Retail Federation (NRF) predicts that fraudulent returns would account for 3.5 percent of 2014 holiday sales totalling around 3.8 billion dollars, what is slightly higher than the figure reached last year. In total, holiday shopping fraud is expected to cost retailers 2.2 billion dollars this year, reports...

Retail |STUDY Featured

Retailers struggle to balance the risks and benefits of mobile commerce

More and more retailers across the globe are tapping into the opportunities of mobile commerce - but the majority of them have yet to fully understand and counteract the fraud risks than come with m-commerce, according to a new study, 'Mobile Payments and Fraud: 2015 Report.' Commissioned by Kount, The Fraud Practice and CardnotPresent.com,...

Fashion

Retailers to Combat Fraud with PIN

Independent stores are being told to start upgrading their point of sale credit card readers by next May, if they are not to fall prey to changes in fraud liability that could hit them for £800m. In January 2005 liability for card fraud, where preventative measures could have been taken, will shift from banks to retailers. By installing devices...