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Return Fraud Outranks Credit Card Fraud and Counterfeit Cash for Retailers

Posted on: Mon, 05/17/2010 - 11:50
Return Fraud Outranks Credit Card Fraud and Counterfeit Cash for Retailers

Statistics Canada has determined the return fraud is highest form of crime affecting businesses.

Bogus returns outranked creditMoney loaned or the ability of an individual or company to borrow money.-card fraud and passing counterfeit money as the biggest dupe affecting businesses in 2007-08.

Bilked retailers said return scams accounted for about one-third of crimes, far exceeding credit-card fraud and counterfeit cash, which each rang in at 15 per cent.
The most popular form of return fraud is exchanging stolen merchandise for cash refunds or store credits, said Statistics Canada.

I knew all those people rushing items back to Wal-Mart were up to something!

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