KDnuggets : News : 2007 : n22 : item34 < PREVIOUS | NEXT >

Briefs

Retail Business Solutions Selects SeeWhy for Real Time Fraud Service Offering

Major high street fashion retailer signs up as first customer

Windsor, U.K. November 12, 2007. Retail Business Solutions (RBS) has deployed SeeWhy to power their new real time software as a service (SAAS) fraud analytic system. The system has been fully integrated with the Retail-J EPOS platform and is the first real time SAAS offering for loss prevention in the retail market. A major high street fashion retailer is the first customer to sign up for the service and is using the service live across the UK with a rollout to the US planned in the near future.

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Insider fraud is a significant problem for the retail industry. According to the National Retail Federation’s National Retail Security Survey, businesses lost $41.6 billion in the US in 2006. Employee theft accounted for $19.5 billion, or nearly half of all retail losses. Watson continued, "We are hosting and running the service as part of our portfolio and expect to roll it out to many of our Retail-J clients." RBS is the leading supplier of Retail-J to well known brands including Harrods, La Senza, French Connection, Selfridges, Warehouse and Wyevale Garden Centres.

Working with loss prevention specialist, EEL Consulting, RBS and SeeWhy have preconfigured anti-fraud analytics which leverage SeeWhy’s event stream processing and profiling engine. Information from the Retail-J EPOS platform is analyzed in real time and, by automatically monitoring the EPOS transactions, SeeWhy detects patterns of behavior indicating theft, till abuse and staff and customer fraud. With SeeWhy profiles at the heart of the service, unprecedented fraud detection rates are being realized with very low false positive rates, translating into significant bottom line increases.

The first customer, a major high street fashion retailer, has ensured that the service is up and running throughout the UK in time for Christmas, a prime time for fraudulent behavior. It delivers real time alerts to regional managers to warn them of a variety of fraudulent activity including credit card fraud, refund and till abuse. A key part of the service is EEL Consulting’s work with the customer to ensure that the loss prevention service meets and exceeds the business needs.

"SeeWhy’s real time analytics engine automatically builds individual profiles of each member of staff so that subtle changes in behavior can be detected immediately. Profiling detects more fraud earlier, and with a dramatic improvement in the hit rate compared with traditional approaches. This new RBS service enables the retailer to ensure that all employees stay on the straight and narrow, meeting the employers’ need to demonstrate a duty of care and making a significant impact on the bottom line," explained Charles Nicholls, CEO & Founder of SeeWhy Software.

More information can be found at http://www.seewhy.com/

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KDnuggets : News : 2007 : n22 : item34 < PREVIOUS | NEXT >

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