British retailers are losing millions to cyber criminals

[InfoSec News <alerts () infosecnews org>]

http://www.theinquirer.net/inquirer/news/2200801/british-retailers-are-losing-millions-to-cyber-criminals

By Dave Neal
The Inquirer
Aug 24, 2012

UK RETAILERS are losing hundreds of millions to cyber criminals every 
year, warns the British Retail Consortium (BRC).

The BRC reckons that such crime is the biggest threat facing the retail 
sector, so is even worse than bored shop assistants, and is an evolving 
market that sees criminals adopting new methods all the time.

These new methods have cost retailers £205.4m it reckons, a figure that 
is made up of £77.3m in losses from fraud and a mix of prevention 
investment and other business costs.

The biggest cost to retailers comes from ID theft related fraud, and the 
BRC tots this up to £20m a year. Card fraud is second and caused £15m in 
losses between 2011 and 2012, and refund fraud is third, costing £1.2m 
in losses.

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