In 2023, UK retailers faced startling losses from cyber attacks and fraud.
- An alarming £11 billion was lost due to fraud, threatening business viability.
- Retail margins are under pressure, making fraud a potential death knell for some.
- Eric Horgan, a key expert, provides strategies for tackling these challenges.
- AI’s role in enhancing fraud threats is a significant concern.
In the past year, UK retailers have been confronted with a daunting figure: £11 billion lost due to cyber attacks and fraudulent activities. This substantial loss highlights the increasing threat to retail operations, which already operate on narrow profit margins. For many businesses, such financial losses could be the difference between thriving and shutting down.
The current retail environment is fraught with potential pitfalls, as criminals rapidly evolve their techniques to exploit vulnerabilities. Retailers must remain vigilant and adaptive to protect their interests and those of their customers against malicious actors intent on causing harm.
Eric Horgan, the chief product officer for Europe at a leading card transaction firm, addresses these pressing issues. In a recent podcast, he delves into specific strategies to mitigate risks such as return policy abuse and online payment fraud. According to Horgan, stopping phishing attacks and understanding the complexities introduced by AI in fraud schemes are crucial components of a comprehensive defence strategy.
The conversation with Horgan aims to provide definitive guidance on safeguarding against the evolving threat landscape. By understanding these threats and implementing robust security measures, retailers can minimise potential damages.
AI’s involvement in fraud presents a sophisticated challenge, as it is used to orchestrate more convincing and widespread attacks. Retailers need to comprehend and counteract these advances to ensure their operational security.
Retailers must adopt proactive and multi-faceted strategies to effectively counter cyber fraud threats.
