National Retail Federation President Matt Shay reacts to the report that organized retail crime was up by 26.5% annually in 2021 on ‘Varney & Co.’
The bipartisan legislation requires online marketplaces to protect consumers from counterfeit, unsafe and stolen goods from bad actors. In 2022, these thefts, many of which have garnered national attention, cost retailers and communities $95 billion, and it is only getting worse, according to the National Retail Federation.
On Aug. 31, 2021, California Highway Patrol investigators assigned to Border Division’s Organized Retail Crime Task Force arrested four suspects for their role as part of a suspected organized retail crime ring. For the first time, if a consumer, retailer or law enforcement thinks that a marketplace is not following the law, they can report it to the Federal Trade Commission which will investigate the marketplace. If online marketplaces do not comply with the law, they can face a fine of $50,120 per violation, according to the FTC.