Beltway Confidential

Christmas gift fraud costs billions

By Jason Russell
Published December 26, 2014 5:31pm ET
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Christmas gift fraud costs billions
Retailers will be hit by $3.58 billion in holiday gift return fraud this year, according to industry estimates. Retailers suspect that 5.5 percent of holiday returns are fraudulent. (AP Photo/Mark Duncan) | Mark Duncan

Many Christmas gifts being returned to stores today will be part of a multi-billion dollar fraud.

Retailers will be hit by $3.58 billion in holiday gift return fraud this year, according to industry estimates. Retailers suspect that 5.5 percent of holiday returns are fraudulent.

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