E-Crime Costing UK Retailers £200m A Year

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Retailers have called on the Government and police to take e-crime more seriously as a new survey showed the problem costs UK firms £205.4m a year.

The figure includes £77.3m in losses in 2011-12 from fraud itself, £111.6m due to legitimate business being rejected because of crime-prevention measures and £16.5m spent providing better security.

The UK is seen as a world leader in online retailing – it has the biggest internet spend per-capita of any country and 11% of global internet retail sales.

But many retailers lack confidence in the official response to e-crime, which is the biggest emerging threat to the retail sector, according to the British Retail Consortium (BRC).

Of those questioned in the BRC’s first e-crime survey, 60% of firms said it was unlikely they would report any more than 10% of e-crimes to police.

In proportion to the total value of sales, e-crime is twice as costly as overall retail crime.

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