London and Liverpool, (October 25, 2013) – Consumer data specialist Transactis’ ClaimsID anti-fraud solution won ‘Best Overall Product’ and 'Most Innovative Cross Functional Product' at the 2013 Retail Fraud Awards in Leicester in October. The awards were hosted by Retail Knowledge, which runs the Retail Fraud Show.
The event attracted some 300 guests, including vendors, academics and executives representing more than 80% of the UK's top 250 retailers. In the category of 'Most Innovative Cross Functional Product' the judges – drawn from some of Britain's top retailers, including eBay, John Lewis, B&Q and the Co-Op – looked specifically for advancements in the area of fraud and loss prevention. In picking the ‘Best Overall Product of the Year’, the judges looked at entries across every category.
ClaimsID equips home shopping retailers to address the threat of ‘digital shoplifting’ – whereby a fraudster, or even an ordinary customer with questionable ethics, falsely reports either that a purchase was never delivered or that it was returned in order to get extra goods or an undeserved refund. Research by Transactis shows that ‘goods lost in transit’ (GLIT) claims have an estimated operational cost of over £40 per claim and, overall, could be costing UK retailers over £400 million each year.
Deploying ClaimsID enables catalogue retailers and ecommerce firms to reduce the overall cost of handling GLIT claims while improving the customer experience. The anti-fraud solution employs transaction level data from the retailer and matches it to delivery and despatch data from the distribution partner, allowing the company to identify and target GLIT hotspots. The retailer can then initiate extra precautions for suspect claims – such as security questions that might deter dishonest claimants – while fast-tracking those of honest customers.
Home shopping companies and carriers that are using the system to successfully reduce both the frequency of GLIT claims and the handling cost include Shop Direct Group, whose portfolio of brands includes Littlewoods, Very and Isme, and Yodel, the second largest domestic delivery company in the UK.
John Sharman, Transactis’ commercial director, comments: “This is a fantastic recognition of great effort by many parts of the company to create a truly ground-breaking anti-fraud tool for our clients. ClaimsID doesn’t just enable a retailer to identify fraud – it helps them to deter it by making it clear that grey areas no longer exist.
“These awards demonstrate that the judges view ClaimsID as a valuable weapon in the war on fraudsters targeting home shopping and online retailers. ClaimsID also gives retailers the knowledge necessary to expedite claims that are clearly legitimate, thus enabling a brand to provide a positive delivery experience while eliminating the cost of fraudulent claims.”
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Transactis is a customer insight, data management and anti-fraud services business, providing marketing, fraud prevention and customer management solutions to some of the most successful organisations in the UK. The company is one of the UK’s leading specialists in combining data from multiple sources to provide a detailed and actionable understanding of individual consumer behaviour, risk and opportunity. Alongside its strength in retail, drawing on the unique transactional data pooled from more than 200 of the UK’s leading home shopping brands, Transactis manages solutions for Nationwide Building Society, HM Revenue and Customs, Shop Direct Group and Betfair, amongst other clients.