UK Online Credit Card Fraud Soars - latest research reveals

The 6th Annual UK Retail Fraud Survey

April 24, 2015 - Europe's largest Loss Prevention conference, Retail Fraud - London, yesterday saw some interesting figures emerge from this year's Retail Fraud Survey, including a massive leap in credit card fraud recorded by retailers.

Hundreds of retailers passed through the doors at the Novotel London West yesterday to hear a line-up of speakers talk on the biggest issues confronting retail fraud and loss prevention. A highlight of the show was the launch of the 2015 Retail Fraud Survey, sponsored by WIS International, one of the leading global inventory and data collection services companies.

The UK Retail Fraud Survey 2015, now in its sixth year, is the most extensive report into the systems, processes and strategies of the UK's top retailers. The most significant development recorded by the survey this year showed that online credit card fraud had increased from 43% in 2014 to 55% in 2015. A massive 28% increase and a great loss to retailers. (For more details on the UK Retail Fraud Survey 2015's key findings see the Executive Summary here.)

Paul Bessant of Retail Knowledge comments: "With a record number of retailers visiting the show, Retail Fraud - London has been a real success. There have been some great discussions and debates that have come out of the show, including some major reoccurring themes, such as the importance of a cross-functional, holistic approach to Loss Prevention and the sharing of big data.

"This year's Retail Fraud Survey also reveals that retailers expect the level of online sales set to rise from 20% currently to 52% in three years. So retailers need to introduce a joined up approach to shrink now rather than later; both online and offline channels need to work together in order to fight retail crime effectively."

Further highlights of yesterday's Retail Fraud conference included the launch of the 2015 Retail Fraud Survey; hot topic panel discussions with some of the UK's biggest retailers including John Lewis, WHSmith, Next and Waitrose; and the Big Fight Live, the joint presentation where Tim Edwards, LP Director of JD Sports and Tony Sales, the UK media named Britain's greatest Fraudster, went head to head over Agon Systems Concept Tag.