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ORC: Billion Dollar Industry
With the National Retail Federation’s NRF Loss Prevention
Conference & EXPO in San Diego kicking off this week, the
question still arises: how big of a problem is organized
retail crime? One NRF figure put the tally of organized
retail crime as still costing retailers $30 billion a year.
48% of retailers reported cargo theft, but 78% reported
being victims of gift card and store credit fraud, a newer
threat from organized retail crime over the last few years.
The NRF said “Essentially, experienced ‘boosters’ return
stolen merchandise without a receipt for the sole purpose of
receiving store credit for a gift card, and then turn around
and sell that merchandise credit for cash to secondary
markets.” Checkpoint Systems, Inc., also referred, in a 2008
figure, to organized retail theft being a larger piece of
the $104 billion ‘global shrink challenge.’
(Source
247wallst.com)
77 year old ORC ringleader appeared in Wisconsin court
Suspected ORC ringleader,
Raymond Hatch made his first court appearance yesterday. A
criminal complaint says shoplifters took items including
Mucinex, Crest WhiteStrips and Rogaine, mainly from Target
stores in Waukesha, Wisconsin, and then sold the stolen
goods to Hutch who would then resell them on eBay and
Amazon.com. The complaint says Hatch told police he saw
between 50 and 100 people per week who sold him the items.
He also estimated reselling around $100,000 in stolen
merchandise. If convicted he faces up to 3 1/2 years in
prison. (Source
fox6now.com) |
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