Content about Fraud

July 23, 2014

Police arrested six people on charges they were tied to an international ring that defrauded StubHub, the online ticket resale platform operated by Ebay.

San Francisco – Police arrested six people on charges they were tied to an international ring that defrauded StubHub, the online ticket resale platform operated by Ebay. In ticket value, the money stolen in the scheme was estimated to be at least $ 1.6 million. The charges include money laundering, possession of stolen property and identity theft.

June 24, 2014

One-in-four global consumers has been victimized by card fraud in the past five years.

Naples, Fla. – One-in-four global consumers has been victimized by card fraud in the past five years. According to a new study conducted by ACI Worldwide and Aite Group, the United Arab Emirates has the highest rate of credit, debit and prepaid card fraud overall at 44%, followed by China at 42% and India and the United States at 41% each.

Other findings include:

• 63% of global consumers (respondents) who have experienced fraud are more likely to use their cards less.

January 27, 2014

Merchandise returns in 2013 cost U.S. retailers more than $267 billion in lost sales.

Irvine, Calif. -- Merchandise returns in 2013 cost U.S. retailers more than $267 billion in lost sales. That’s one of the findings contained in The Retail Equation’s 2013 Consumer Returns in the Retail Industry study, which analyzes results from the National Retail Federation’s annual survey on merchandise returns and the 2012 Canadian Retail Security Survey from The Retail Council of Canada National Retail Federation.

December 6, 2013

The retail industry will lose an estimated $8.76 billion to return fraud this year, and $3.39 billion during the holiday season alone, according to the National Retail Federation’s 2013 Return Fraud Survey.

Washington, D.C. -- The retail industry will lose an estimated $8.76 billion to return fraud this year, and $3.39 billion during the holiday season alone, according to the National Retail Federation’s 2013 Return Fraud Survey. Overall, 5.8% of holiday returns are fraudulent, up slightly from 4.6% last year.

June 26, 2013

Former Duane Reade CEO Anthony Cuti and CFO William Tennant failed in an attempt to have their 2010 convictions for securities fraud overturned.

New York – Former Duane Reade CEO Anthony Cuti and CFO William Tennant failed in an attempt to have their 2010 convictions for securities fraud overturned. The Second U.S. Circuit Court of Appeals in New York upheld a June 2010 federal jury decision to find Cuti and Tennant guilty of providing misleading earnings information to shareholders and private equity group Oak Hill Capital partners, which purchased Duane Reade in 2004, between 2000 and 2004.

April 26, 2013

Christopher Finazzo, 57, who was an executive VP and chief merchandising officer at Aeropostale, was found guilty on Thursday of 14 counts of mail fraud, one count of wire fraud and one count of conspiracy.

New York -- Christopher Finazzo, 57, who was an executive VP and chief merchandising officer at Aeropostale, was found guilty on Thursday of 14 counts of mail fraud, one count of wire fraud and one count of conspiracy. He faces up to 20 years in prison on each of the fraud convictions and up to five years for the conspiracy charge.
      
The jury took less than five hours to reach the verdict, which came after a three-week criminal trial in Brooklyn, N.Y.
     

March 29, 2013

Forty percent of retailers have no online fraud prevention in place, despite the fact that 85% consider online fraud prevention a high priority, according to a survey by ThreatMetrix, a provider of integrated cybercrime prevention solutions.

San Jose, Calif. -- Forty percent of retailers have no online fraud prevention in place, despite the fact that 85% consider online fraud prevention a high priority, according to a survey by ThreatMetrix, a provider of integrated cybercrime prevention solutions.

The study, “The ThreatMetrix 2012 State of Cybercrime Study,” was conducted by Info-Tech Research Group and surveyed U.S. business managers and IT executives within retail and financial services organizations on the level of cybersecurity solutions they have in place.

December 4, 2012

Retailers will lose an estimated $8.9 billion to return fraud this year, and $2.9 billion during the holiday season alone, according to the National Retail Federation’s 2012 Return Fraud Survey.

Washington, D.C. --  Retailers will lose an estimated $8.9 billion to return fraud this year, and $2.9 billion during the holiday season alone, according to the National Retail Federation’s 2012 Return Fraud Survey. Overall, retailers estimate 4.6% of holiday returns are fraudulent.

September 18, 2012

The “True Cost of Fraud” study by LexisNexis found that retailers incurred $2.70 in costs for every dollar in fraudulent transactions.

Atlanta -- The “True Cost of Fraud” study by LexisNexis found that retailers incurred $2.70 in costs for every dollar in fraudulent transactions. The cost incorporates charge backs for merchandise, the fees and interest to financial institutions and payment processors as well as any replacement, redistribution or restocking fees incurred by a merchant.  

March 21, 2012

Best Buy Co. said that the U.S. District Court has dismissed putative securities fraud class actions against the retailer and three of its officers.

Minneapolis -- Best Buy Co. said Wednesday that the U.S. District Court has dismissed putative securities fraud class actions against the retailer and three of its officers.

With regard to the class action lawsuit filed last year, the court on Tuesday dismissed all counts for lack of substantiation.

March 15, 2012

Fraud prevention and risk management provider Accertify said that Forever 21 will deploy its fraud prevention solution, customized to the retailer’s e-commerce business.

Chicago -- Fraud prevention and risk management provider Accertify said Thursday that Forever 21 will deploy its fraud prevention solution, customized to the retailer’s e-commerce business.

Forever 21 said it is growing its online presence internationally and turned to Accertify, an American Express company, to process and decrease risk in Forever 21’s online transactions.

November 10, 2011

Survey results released Thursday by the National Retail Federation found that fewer retailers expect return fraud rates to grow this holiday season, due in part to stronger checks and balances and to enhanced return policies.

Washington, D.C. -- Survey results released Thursday by the National Retail Federation found that fewer retailers expect return fraud rates to grow this holiday season, due in part to stronger checks and balances and to enhanced return policies.

September 27, 2011

U.S. prosecutors have charged former Carter’s senior VP Joseph Elles with securities fraud, according to a report by the Associated Press.

Atlanta -- U.S. prosecutors have charged former Carter’s senior VP Joseph Elles with securities fraud, according to a report by the Associated Press.

Elles has been accused of lying about the company's financial situation and then selling shares of its stock when the price was artificially inflated.

September 20, 2011

A survey released Tuesday by ThreatMetrix and The Ponemon Institute found that the majority of consumers have real concerns about online fraud.

Los Altos, Calif. -- A survey released Tuesday by ThreatMetrix and The Ponemon Institute found that the majority of consumers have real concerns about online fraud.

According to the study “Mobile Payments & Online Shopping Survey of U.S. Consumers,”  one-third of consumers intend to purchase more online than in-store this holiday shopping season, and three in four have either some or serious concerns about online fraud.

September 13, 2011

For every $100 in fraudulent transactions, retailers incurred a “true” cost of $230, according to a new study released Tuesday by LexisNexis Risk Solutions.

New York City -- For every $100 in fraudulent transactions, retailers incurred a “true” cost of $230, according to a new study released Tuesday by LexisNexis Risk Solutions.

According to the study, retail merchants and financial institutions reported an overall decline in fraud rates and transactions while total retail sales rose. Consumers also experienced a decline in fraud losses overall but the average time it took to resolve fraud issues rose by 57% and the out-of-pocket costs of fraud rose by $244.

August 23, 2011

Former Duane Reade CEO Tony Cuti was sentenced on Monday to three years in prison in connection with accounting fraud at the New York-based drug store chain.

New York City -- Former Duane Reade CEO Tony Cuti was sentenced on Monday to three years in prison in connection with accounting fraud at the New York-based drug store chain.

Cuti, who is to report to prison on Jan. 31, 2012, also must pay a $5 million fine.

March 23, 2011

Accertify, a provider of software, tools and strategies for preventing fraud and a subsidiary of American Express, announced that Abercrombie & Fitch has implemented its Interceptas fraud prevention platform to enhance the retailer's ability to protect against credit card fraud in its direct-to-consumer business.

Chicago -- Accertify, a provider of software, tools and strategies for preventing fraud and a subsidiary of American Express, announced that Abercrombie & Fitch has implemented its Interceptas fraud prevention platform to enhance the retailer's ability to protect against credit card fraud in its direct-to-consumer business.

February 23, 2011

More and more retailers are seeking innovative ideas to deliver customer service excellence at the return desk in an attempt to set them apart from the competition and make a first-rate impression with consumers.

By Robert E. Walters, bwalters@theretailequation.com

February 11, 2011

One-third (29% ) of consumers across eight major economies have been victims of credit-card fraud in the past five years, according to the 2010 Global Card Fraud Survey by ACI Worldwide, an international provider of payment systems.

New York City -- One-third (29% ) of consumers across eight major economies have been victims of credit-card fraud in the past five years, according to the 2010 Global Card Fraud Survey by ACI Worldwide, an international provider of payment systems.

January 18, 2011

Survey results released Tuesday by CyberSource, a Visa Co., showed that the online fraud rate has remained flat in the United States and Canada; however, U.K. merchants are seeing a rise in e-commerce fraud.

Mountain View, Calif. -- Survey results released Tuesday by CyberSource, a Visa Co., showed that the online fraud rate has remained flat in the United States and Canada; however, U.K. merchants are seeing a rise in e-commerce fraud.

According to the annual surveys of e-commerce fraud in North America and the United Kingdom, the 2010 fraud rate (the percent of accepted orders which later turn out to be fraudulent) remained at 0.9% for the second straight year.

November 8, 2010

A report released Tuesday by the National Retail Federation said that the retail industry is...

September 28, 2010

The Interceptas platform by Accertify has been selected by Walgreen Co. for preventing online credit-card...

September 13, 2010

The Retail Equation, an industry leader in retail transaction optimization solutions, received an important patent...

August 31, 2010

Return fraud and abuse is a year-round challenge, with estimates of industry losses ranging...

June 14, 2010

A report released Tuesday by the National Retail Federation found that retail shrinkage decreased to...