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Are you ready to have some fun returning a gift that really didn’t want for Christmas? Most of us are honest, forthright citizens seeking refunds on holiday purchases we’d like to return. According to the National Retail Federation 2014 Return Fraud Survey of loss prevention executives at 60 retail companies representing grocery, department, discount, specialty and small retailers, the industry will lose $3.8 billion to return fraud this holiday season alone, and an estimated $10.9 billion to return fraud this year.

RETAILER FRAUD STATISTICS

• 92.7% of retailers polled say they have experienced the return of stolen merchandise in the last year.
• 78.2% say they have experienced return fraud through returns by organized retail crime groups.
• 18.2% see an increase in return fraud instances with e-receipts: the survey found more retailers this year said they have experienced return fraud with the use of e-receipts.
• 81.8% have experienced the return of merchandise purchased with fraudulent or stolen payment methods.
• 25.5% have witnessed fraudulent returns using counterfeit receipts, including employee return fraud or collusion with external sources.
• 72.7% of retailers are victims of wardrobing, or the return of used, non-defective merchandise such as special occasion apparel and certain electronics.

TIPS FOR RETURNING HOLIDAY MERCHANDISE

• Read receipt or detail of return policies online before heading to brick & mortar store. 87% polled said they allow customers to return merchandise bought online to their brick-and-mortar stores.
• Bring your ID. Retailers are requiring identification to help curb fraud.
• Hesitate before you open the boxed gift. Restocking fees can cause you to lose 15% of the cost of an item.
• Check store policies about returning software, electronics and similar gifts before you get in line and wait.
• Bring documentation about store policies and be prepared to show it in order to get your money back.
• Pay attention to time limits for returns. Many have a Dec. 31 return policy on Christmas gifts purchased in November & December.
• Re-gift on items that you can’t return and don’t want such as gift cards to restaurants and retail stores.
• Do the math on return merchandise requiring shipping costs to be sure you are not losing money.