costly. estimated the retailers will lose up to $17.7 billion the questionable returns this year. that s up from last year. it may seem easier but the retailers will still be watching. there is a series of new companies using credit card numbers, perm information to track the fraud leapt returns a fraudulent returns across different stores. consumer advocates say it s a problem because companies could go from catching the fraudulent returns to catching people who return product more than they would like them to. best buy is the latest large chain to loosen the return policy eliminating 15% restocking fee on all electronics. that fee has storm of opposition from consumer on twitter and facebook. it might have held a customer who was on the fence
costly. retailers will lose up to $17.7 billion to questionable returns this year. that is up from $14.8 billion last year. so while the returns may seem okay, retailers will be watching. there are a series of companies that are using personal information trying to track fraudulent returns across different stores. consumer advocates say this might be a program, companies might try to get fraudulent returns to kasmg people who return products more than they would like them to. reporter: that is the latest large chain to loosen the policy by eliminating the 15% restocking fee. the storm had a storm of opposition on twitter and facebook. the restock we might have held for a customer that was on the fence on returning their
their gifts, for example, that they got this holiday, they re now more likely, we re seeing, to exchange that for something else in the store, as opposed to maybe just returning it back to their credit card or the gift giver s credit card minus the restocking fee. and while all of this sounds great for the consumer, it may end up being costly. it s estimated that retailers will lose up to 17.7 billion dollars, questionable returns this year, and that s up from 14.8 billion last year. uma? so, kelly can hang on to the sweaters, the reindeer sweaters or take them back, right? he s going to hang onto it because his aunt mildred gave it to him, he said earlier and he has to keep it. uma: thank you, heather. kelly: you two ladies and time to make good on the new years resolutions. kelly: and most try to lose weight, quit smoking or pay off debt. one father is it trying
other stores are doing away with the restocking fees. that s where you basically have to pay to return the product. best buy became the latest large chain to do so, eliminating a 15% restocking fee on electronic s. it s on paper and i think customers are now, if they are exchanging their gifts that they got this holiday, they re now more likely, we re seeing, to exchange that for something else in the store as opposed to maybe returning it back to their credit card or the gift giver s credit card, minus the restocking fee. while all of this sounds great for the consumer, it may end up costing. it is estimated that retailers will lose up to $17.7 billion to questionable returns this year. up from $14.8 billion last year. julie. julie: thank you so much. retailer that doesn t honor my return loses my business. that s the way i see it. customer service should come first. you should return that tie. gregg: this is a nice tie.
presents have you under a what were they thinking. we ve got good news. major retailers easing up on return policies after years of stricter rules. but now they re also watching out for customers who abuse the system as well. heather childers live in our new york city news room with the details. hi. after years of tightening policies, yes, rick, if you want to return that reindeer sweater this year that you got, maybe, it will be a little bit easier. macy s, toys r us, those are some of the stores that have relaxed return policies this year. but it may end up being a little costly. it is estimated retailers will lose up to $17.7 billion to questionable returns this year. that s up from $14.8 billion last year. so while the returns may seem a little easier, retailers will still be watching. there are a series of new companies that are using credit card numbers, personal information, trying to track fraudulent returns across different stores.