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News : Transactis Wins Top Retail Fraud Award for ClaimsID Solution
London and Liverpool, (October 25, 2013) -- Consumer data provider 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.
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.
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 creates insight from customer transactions and enables clients to act and communicate at an individual level. Using its unique data resources, specialist knowledge and innovative technology, Transactis delivers products and services that allow their clients to make better, faster and more informed decisions to generate greater efficiencies, profit and an enhanced experience for their customers.
Published: Friday, October 25, 2013