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Retail Fraud Data Mining - Prevent and Detect Employee Fraud with Data Mining
Every Head of Loss Prevention or Profit Protection needs to show a fast return on investment (ROI) on loss prevention expenditure costs. Data Mining Software has a very high ROI, when used in conjunction with an investigations team with the skill set to both interpret the data, and close the cases through successful interview techniques. Data Mining allows you to find the invisible connections between seemingly unconnected transactions.
BRC figures suggest more than 30% of loss is Internal Dishonesty. More than 80% of staff fraud will be at the till point or POS.
Listed here are Data Mining solutions that are currently being successfully used. It's not my place to recommend one against the other, it's better for the function head to find which best suits their business, in conjunction with other stakeholders. My only recommendation is that there is a huge prize within EPOS data, which needs Data Mining software to find.
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SPSS Clementine is an industry-leading data mining solution that helps fraud analysts and investigators understand people's past behavior and therefore predicts future behavior. Using Clementine, users can access data from various sources across your organization to quickly and easily produce, evaluate, and deploy analytical models, making data mining a cost-effective analytical approach. |
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PCMS SmartStore - Query Designer for Investigators empowers the Loss Prevention business leaders with the tools to be a specialist support function to retail management teams in order to reduce loss at the PoS Front End. Vision SmartStore automatically identifies suspect transactions most likely to be fraudulent in realtime and alerts users to take action. |
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IntelliQ have provided retail fraud data mining software to many large UK retailers. IntelliQ also provide Fraud prevention and detection data mining systems to many european retailers. IntelliQ can be cantacted on Tel +44 (0)20 7517 1000 |
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LossManager from IDM – a retail-intelligent solution for detecting, analysing and managing internal losses. Developed by experts in retail profit protection, LossManager delivers best-practice loss prevention, train of thought analysis and sophisticated data mining simply and directly to the desktop. |
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SysRepublic - Point of Sale information is supplied to Secure 2007™ in Batch or Real Time, alongside other data such as Employee files and CCTV footage. Detecting fraud can be a pain staking and highly technical activity. Secure 2007™ simplifies this and allows centralised loss prevention management teams to seamlessly coordinate field officers,to get the most from existing resources. Loss Prevention management and field investigation personnel interact with Secure 2007™ through an easy to use web application. |
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