In 2023 alone, cyber attacks and fraud cost UK retailers a staggering £11 billion in lost revenue. That’s a huge chunk of money to lose for any business, but with retail margins currently razor thin, for many it could be the difference between a healthy turnover, and ceasing training.
Retailers need protection from bad actors looking to commit nefarious acts. But with the evolution of criminal tools moving at lightning speed, how is it possible to stay ahead?
To answer that question, we’re turning to Eric Horgan, the chief product officer for Europe at card transaction experts Elavon. In the latest episode of Retail Gazette’s Unpacked podcast, Horgan sits down with host Kieran Howells, and gets into the nitty gritty of stemming return policy abuse, combatting online payment fraud, stopping phishing attacks in their tracks, and understanding AI’s role in fuelling fraud.
The conversation offers definitive answers on how you, as a business leader, can protect yourself and your customers from devastating losses, and what being perpetually protected from cyber criminals really looks like.
For more insight into protecting your business from fraud, download Elavon’s latest report, ‘Five ways retailers can combat the rising threat of fraud’.