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| RBS Selects SeeWhy for Real Time Fraud Service Offering 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. 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. 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. write your comments about the article :: © 2007 Computing News :: home page |