Returns have always been a sore spot for retailers, especially right after the holiday season. With the surge in online shopping that was brought on by the pandemic, refund abuse is becoming an even bigger concern, and experts predict this issue will only continue to grow.
According to Atlas VPN, more than $1 trillion was lost in the world due to cybercrimes in 2020, and Jane Lee, Trust and Safety Architect at Sift, expects that number will increase by the end of this year. Jeff Wixted, VP of Marketing & Client Solutions at Accertify, offers some key factors as to why this refund abuse problem is not going away anytime soon:
