WINDSOR, U.K. -- 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."