Retail Business Solutions selects SeeWhy for real time fraud service offering Monday 12 November 2007 PDF Print 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: firstname.lastname@example.org This press release was distributed by ResponseSource Press Release Wire on behalf of Indigo River in the following categories: Business & Finance, Retail & Fashion, Computing & Telecoms, for more information visit http://pressreleasewire.responsesource.com/about.