USA: Retail Fraud Detection System A Hit With Sears
Sears, Roebuck and Co (NYSE:S) is extending its contract with HNC Software Inc, the company that supplies its retail fraud detection system. The Falcon(™) system, from HNC subsidiary HNC Financial Solutions, protects more than 60 million Sears credit accounts.Due to the significant reduction in fraud losses, the nation's largest retail card issuer renewed its agreement with HNC to protect its retail card portfolio, which includes the Sears Card and Sears Premier Card. "We have been pleased with the performance of our Falcon Retail system over the past three years, and we see value in continuing our relationship with HNC through this new long-term arrangement," said Bill Redmond, director of fraud and bankruptcy management for Sears Credit. As part of the agreement, Sears will implement an additional, credit card-specific Falcon model to protect its forthcoming co-branded MasterCard offering against fraud. Sears will also explore expanding its use of the Falcon system for fraud protection in its e-commerce operations. "We see our relationship with HNC resulting in continued refinements as we apply Falcon's proven fraud detection technology to these additional domains," added Redmond. Using retail-specific statistical models developed with HNC's proprietary neural network technology, Falcon Retail can determine the probability of fraud with each card transaction. When the probability of fraud reaches a critical threshold, Falcon Retail can either block the transaction at the point of sale or send the case to one of the retailer's fraud analysts for action.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
Help test our new apparel sourcing tool.
- Unlocks for the future fashion sourcing landscape
- EU eyes mandatory due diligence for apparel supply
- Digitalisation and data to disrupt supply chains
- What TTIP might mean for US, EU textiles & apparel
- Where next for Corporate Human Rights Benchmark?
- Li & Fung forms supply chain partnership with PVH
- US Q4 in brief – Finish Line, Oxford Industries
- Sears has "substantial doubt" of future
- Adidas mulls roll-out of in-store customisation
- Brands urged to empower women in sub-Sahara Africa
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective