Two Chinese nationals have been jailed for tricking Apple into replacing counterfeit iPhones with authentic ones. Haotian Sun and Pengfei Xue, both Chinese citizens living in Maryland, had been convicted last year in a scam in which they — along with the co-conspirators — submitted...
Loop has debuted a solution to help merchants offset the cost of returns and reverse logistics. Dubbed “Offset,” the solution lets brands offer their customers the chance to pay a small upfront fee during checkout in exchange for free returns later, the company said in a...
Returns fraud and policy abuse have surged to unprecedented levels, with U.S. merchants losing an estimated $101 billion in 2023 due to these issues. In an interview with PYMNTS, Hannah Bravo, CEO of Loop, offers a detailed analysis of these growing challenges and how businesses...
An integral aspect of the retail cycle, returns have surged in recent years with the growth of online channels. However, accompanying this increase in returns is a concerning trend: the escalation of returns fraud and policy abuse. According to a report by the National Retail Federation (NRF), retailers encountered...
October 17, 2024
Returns fraud is a growing global issue, costing retailers billions annually. Recent estimates suggest that fraudulent returns account for up to 13% of total returns in the U.S., significantly impacting profit margins. With the rise of eCommerce, the potential for abuse has expanded, prompting brands to rethink their return policies. In 2023 alone, returns fraud […]
October 06, 2024
Two Chinese nationals have been jailed for tricking Apple into replacing counterfeit iPhones with authentic ones. Haotian Sun and Pengfei Xue, both Chinese citizens living in Maryland, had been convicted last year in a scam in which they — along with the co-conspirators — submitted fake iPhones to Apple for repair in hopes of getting […]
September 25, 2024
Loop has debuted a solution to help merchants offset the cost of returns and reverse logistics. Dubbed “Offset,” the solution lets brands offer their customers the chance to pay a small...
April 04, 2024
The battle against the $101 billion returns fraud problem has reportedly taken a new turn. It involves sellers on Amazon sending off their wares, only to get “returns” that are in some cases literally...
December 10, 2023
Amazon has sued an international group known as REKK for allegedly stealing millions via fraudulent returns. The suit, filed last week in U.S. District Court in Seattle, alleges that REKK —...
