Return fraud costs retailers billions, with billions lost globally.
Amazon and other retailers face scams exploiting return policies for financial gain.
French luxury brand Lacoste is using Vrai, an AI technology developed by Cypheme, a leader in anti-counterfeit artificial intelligence, to catch scammers returning counterfeit items.
Some companies have even received boxes full of bricks after customers banked refunds for items like televisions.
US retailers lost a little over $100 billion in return fraud, or around $13.70 for every $100 returned, up from $10.40 per $100 in 2022.
Persons:
knockoffs, Cypheme
Organizations:
Lacoste, Cypheme, National Retail Federation, Appriss Retail, Amazon, Walmart, Target