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Retail Business Solutions selects SeeWhy for real time
fraud service offering
Major high street fashion retailer
signs up as first customer
Windsor, U.K. – 12 November 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. |
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.
- END -
About RBS
Retail Business Solutions (RBS) is one of the UK's leading retail technology
solution providers. Based in Milton Keynes, UK, RBS has over two decades of
experience with more than 10,000 systems installed for over 1,700 retailers.
Clients range from some of the best known names in retail, including; FCUK,
Harrods, La Senza, Selfridges, Warehouse and most recently Wyevale Garden
Centres. RBS customers range from high street household names to smaller
independent stores, reflecting our ability to provide solutions for retailers of
all sizes. Recently the company has worked with new and existing clients,
embracing the various new retail channels including handhelds, web and kiosk,
while focusing firmly on business benefit and managing a retail system's total
cost of ownership over time.
RBS have enjoyed significant growth over the last 5 years, primarily due to our
commitment to providing ‘service excellence’. We understand that clients
need us to provide reliable, cost effective solutions, underpinned by corporate
flexibility.
More information can be found at http://www.rbsretail.com/
About SeeWhy Software
SeeWhy is the first Event Intelligence platform. By continuously analyzing every
business event and initiating automated corrective actions, SeeWhy enables the
business to become proactive to increase sales, reduce costs and avert risks.
SeeWhy combines advanced profiling and the power of Event Stream Processing
technology with the ease of use of desktop applications, so that business
operations teams can build and deploy powerful closed loop Event Intelligence
applications for the first time.
SeeWhy is one of the top private European software companies, as a Red Herring
100 Europe, named Global Innovator by Guidewire Group and highlighted as a cool
company by Gartner.
SeeWhy Software was incorporated in 2003 and has offices in the U.S. and U.K.
More information can be found at http://www.seewhy.com/
About EEL Consulting
EEL Consulting is a management consultancy specialising in loss prevention,
security and risk management in the retail and hospitality industries. EEL
consultants provide specialist knowledge in global security and loss prevention,
insurance programs, disaster recovery and strategic risk policies and have
worked with leading organisations such as Forte, Pepsi, Whitbread, Kingfisher
and Burberry.
More information from http://www.eelconsulting.co.uk/
Terminology
BI – Business Intelligence; BPM – Business Process Management; SOA –
Service Oriented Architecture; ESP – Event Stream Processing; Closed loop BI
– Analytics are embedded into a business process and drive automatic actions
based on the analysis. Event Based Marketing – using unique customer
behaviours to trigger personalized campaigns or offers; Profiling – a
technology which builds and maintains a ‘normal’ profile at the individual
account level, enabling changes in behaviour to be immediately detected; Fraud
false positive – when a fraud detection system incorrectly flags a transaction
or account as fraud.
SeeWhy, SeeWhy Software, the SeeWhy Globe and Instant Insight are trademarks or
registered trademarks of SeeWhy Software Limited. Other product or service names
mentioned herein are the trademarks of their respective owners.
For additional information on SeeWhy:
Andrea Burton
Indigo River Limited
Tel: 01985 850320
Email: andrea@indigo-river.co.uk
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