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Retail fraud incidence down, but dollar impact escalating
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.
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Charming Shoppe’s Lane Bryant rolls out personalized search technology
Bensalem, Pa. -- Charming Shoppes’s plus-size Lane Bryant division announced the launch of Fashion Genius, a new technology that provides personalized product recommendation services. According to the retailer, the technology offers one-of-a-kind fit and style solution guides through a simple survey that combines a woman’s curves, fit issues and signature styles to individual merchandise items in just three minutes and with no measurements required.