Retail fraud in the UK rocketed 545% year-on-year in the first six months of 2024, costing UK retailers £5.4 million, according to new data from the National Fraud Intelligence Bureau (NFIB).

High on the list of recorded thefts are consumers returning stolen items to swap for legitimate ones or switching a price tag before paying, according to payments specialist Dojo.

Despite more businesses introducing paid returns, there have been over 1,300 reports of retail fraud so far this year, with May witnessing the highest number of reports of retail fraud with 285 cases followed by March (252).