Fraud Losses Huge For U.S. Merchants
As if retailers didn’t have enough problems in this economy?
Now, according to a report by LexisNexis Risk Solutions, U.S. merchants incur $191 billion in fraud losses each year.
Yikes!
Merchants absorb nearly 10 times the identity fraud cost incurred by financial institutions, the report says. Retail merchants experience $100 billion in losses solely attributed to identity fraud, which escalates to $191 billion when factoring in the additional cost of lost and stolen merchandise. The study also found that merchant fraud losses amounted to more than 20 times the total value of consumer fraud victim losses which totaled approximately $4.8 billion in 2008.
The full study is available on the LexisNexis® Risk Solutions Web site at: www.risk.lexisnexis.com.
