MerchantWired, Datavantage team up to reduce employee theft, fraud
May 22, 2001 12:00 PM, SCW Staff
Indianapolis and Cleveland -- Datavantage and MerchantWired announced a partnership designed to help retailers that belong to the MerchantWired network reduce employee fraud and theft.
Under the agreement, Datavantage will provide its Proact XBR Loss Prevention system to retailers on MerchantWired's network. As the exclusive application service provider of XBR, MerchantWired will enable immediate and wide-scale deployment of the system to retail locations nationwide.
The companies cite a University of Florida study showing that employee fraud and theft is a significant part of "shrinkage," which accounted for more than $25 billion in lost profits for retailers in 2000.
"It's a major problem for retailers, with associate fraud accounting for more than half of all retail shrinkage," James R. Giuliano, III, president and CEO of MerchantWired, said in a statement. "We are excited to add XBR to our growing suite of retail applications."
XBR Loss Prevention is a centralized loss prevention solution that sifts and analyzes the data in a retailer's transaction logs, as polled from its stores. Datavantage's system flags transactions that fall outside of normal, established parameters allowing retailers to track trends, monitor high-risk transactions and even examine the transaction history of specific stores or associates.
-- SCW Staff
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