Retail Fraud Survey reveals fraud and prevention strategies adopted by leading retailers

(27/04/2011)

Recent figures show that the total UK costs of retail crime in 2010 (losses from customers, staff and suppliers), plus the costs of security, reached a staggering £4,840 million, and forecasts suggest this will increase due to effects of the economic slowdown.

Published by Retail Knowledge, the Retail Fraud Survey 2011 is the first-ever fully comprehensive retailer by retailer survey and in-depth report looking at the in-store and online fraud and prevention strategies adopted by each of the UK’s 100 leading retailers.

The 300 page report finds out exactly how the UK’s retailers are combating fraud and loss within their businesses. It lifts the lid on both internal and external realities, reveals details about the systems used and their success or otherwise, how much is spent on IT and how they prioritise their strategies for combating what is undeniably one of the most serious problems for the industry.

Paul Bessant, Managing Director of Retail Knowledge, said: “What has become so obvious to us over the last few years is that whilst there are plenty of ‘top level’ and opinion pieces being passed off as serious research nobody has actually spent the time, effort and energy to get out there and really understand what retailers are facing day in day out in their stores.” He continued: “Not only will retailers be able to benchmark themselves for the very first time, put patterns of best practise, and bad practise, will for the first time begin to emerge – plus the survey will hold to task and then allow vendors to actually develop and offer products, systems and services to retailers that they actually need and want.”

This report will be undoubtedly be an invaluable resource for retailers and their partners to find out exactly what the industry is doing and more importantly, what it should be doing to prevent fraud.

Conducted by Martec International, The Retail Fraud Survey 2011 also shows what systems retailers are currently using for loss prevention both in-store and online; the type of software and hardware used; when the systems were implemented and what are the replacement plans/investment priorities; satisfaction rates; and loss prevention as a percentage of sales.

James Harris, Commercial Director from sponsor Volumatic, said: “As a leading manufacturer of intelligent cash handling equipment, we are pleased to be participating in this comprehensive survey. The report will help our industry to understand what retailers are really doing to combat fraud and we are confident that the findings will help us to help retailers improve their current practices with products and services tailored to their specific needs.”

A spokesperson from fellow sponsor, RGIS, said: “RGIS has the tools, capabilities and resources culminating in an inventory program that is unmatched in the industry. Being part of this research will provide us with an additional resource to ensure that retailers are aware of all the options open to them and that we continue to meet the needs of our market by offering intelligence and services that are right for them.”

The Retail Fraud Survey 2011 is available to order at a cost of £5,000 + VAT from Retail Knowledge.

Related topics:  CCTV system and accessories   Crime and Fraud Prevention   Security guarding   Tagging vandalism and theft prevention 

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