Retailers face mounting challenges as £11 billion is lost to fraud in the UK.
- Thin retail margins heighten the impact of financial losses due to fraudulent activities.
- Eric Horgan provides insights into combating fraud in a Retail Gazette podcast.
- Topics discussed include return policy abuse and online payment fraud.
- The role of AI in facilitating fraud is scrutinised in the conversation.
In the UK, retailers have encountered a significant financial obstacle, with cyber attacks and fraud leading to losses amounting to £11 billion in 2023. This substantial financial drain coincides with already thin retail margins, potentially pushing some businesses to the brink of closure. The necessity for robust protection against increasingly sophisticated fraudulent schemes has never been more critical.
Eric Horgan, serving as the chief product officer in Europe for a card transaction firm, sheds light on strategic measures to mitigate these threats during a podcast with the host, Kieran Howells. Their discussion spans multiple facets of fraud prevention, encompassing the pervasive issues of return policy abuse and online payment fraud. As criminal tactics evolve rapidly, staying proactive in defensive strategies becomes paramount for retailers.
Moreover, the dialogue delves into the insidious world of phishing attacks, with a particular emphasis on immediate counteractive strategies. The importance of understanding and anticipating these fraudulent methods plays a vital role in reducing potential losses for retailers, ensuring that customer trust and business integrity remain intact.
A noteworthy area explored during the podcast is the impact of artificial intelligence on the proliferation of fraud. While AI offers tremendous advancements, it also equips fraudsters with potent new tools. Retailers must maintain vigilance and adapt to AI-related challenges, integrating advanced security measures to thwart these modern threats.
Overall, the conversation provides valuable insights into maintaining a secure retail environment in an era where fraud mechanisms are evolving at an alarming pace.
By staying informed and employing sophisticated strategies, retailers can better protect themselves against the far-reaching impacts of fraud.
