Report: U.K. Retailers Lack Cohesive Fraud Strategy

July 25, 2013

Twenty percent of U.K. retailers are not taking online fraud seriously enough, according to a new survey from antifraud technology provider Kount and Retail Knowldege, a U.K. trade publication. The report indicated that a main problem is the lack of a cohesive antifraud strategy within most organizations and that the responsibility for fraud tends to be spread among numerous people within many companies. The report’s authors pointed out that 22 percent of respondents could not accurately say how much their online fraud prevention cost their company.

“What is clear is that for yet another year more needs to be done to tackle fraud,” the report said. “For those who are taking it seriously resources from other business areas are being diverted to tackle the problem and there is still a massive gap to be bridged.”

The Retail Fraud Survey polled 100 leading U.K. retailers with annual sales totaling £148 billion ($227 billion) and found that, while e-commerce grew by 16 percent in 2012, cybercrime grew by 23 percent.