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News

Real time fraud analysis for fashion retailer

SeeWhy Software : 12 November, 2007  (Application Story)
Software-as-a-Service fraud analytical system from SeeWhy being used on retail point of sale systems at Retail Business Solutions in the UK
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.

Steve Watson, Director of RBS, commented: "We are delighted to be working with SeeWhy on this new and exciting loss prevention service. Up until now retailers have been forced to purchase expensive software and systems integration in order to detect insider fraud. This new service can be switched on immediately, enabling retailers to go live within a matter of days, and only pay for what they are using. This combination offers huge savings over traditional data mining offerings, and brings state of the art loss prevention capabilities to mid sized retailers for the first time."

Insider fraud is a significant problem for both the retail industry. According to the British Retail Consortium, UK retail businesses lost £1.43bn in 2005/2006 from crime related incidents, of which the second highest group was staff theft amounting to £344m. 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 analysed in real time and, by automatically monitoring the EPOS transactions, SeeWhy detects patterns of behaviour indicating theft, till abuse and staff and customer fraud. With SeeWhy profiles at the heart of the service, unprecedented fraud detection rates are being realised 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 behaviour. 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 behaviour 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.
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