Organised retail crime losses reach all-time high
The NRF reported that organised retail crime (ORC) is continuing to grow, with nearly three-quarters of retailers surveyed reporting an increase in the past year. The report found that 92% of companies surveyed had been a victim of ORC in the past year and that 71% said ORC incidents were increasing. Losses averaged $777,877 per $1 billion in sales, up 7% from last year’s previous record of $726,351. Retailers attributed the increase to the easy online sale of stolen goods, gift card fraud, shortage of staff in stores and demand for certain brand name items or specific products. We've repeatedly commented that a cybercrime-enabled loss preventation function has become essential to retail operations in the Digital Age.