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The retail sector, including grocery, is fraught with the risk of fraud. Data reveals retailers in the United States and Canada incur an average cost of $3 for every $1 of fraud and, in 2023, the U.S. retail sector lost a total of $60 billion to payments fraud. Gone are the days when retailers had only physical theft to worry about, with thieves skilled in sleight of hand or bending the truth regarding returns, faulty products or refunds.
The aspects of threat exposure faced by running a grocery business have proliferated, and now retailers must deal with the consequences – their revenue, brand reputation, supplier relationships and customer safety are on the line.
Read more on Progressive Grocer.
