This Updated Tool Can Help Retailers Detect Fraud

Protection against fraud is a necessity for footwear businesses. Consider recent data breaches at Sears Holdings Corp., Hudson’s Bay Co. and Under Armour for evidence that cybersecurity should be top of mind.

The good news: Tech companies are taking note.

“The opportunity for retail theft grows as retailers reach to meet customer expectations and struggle to manage individual channels of engagement,” said Jeff Warren, VP at Oracle Retail. Accordingly, Warren explained that Oracle’s most recent updates to its XBRi Loss Prevention Cloud Service aspire to arm customers against breaches.

The product aims to “help retailers quickly identify and investigate fraudulent activities across store and online transactions,” according to a spokesman. And the tool’s enhancements may prove indispensable, given the surge of security breaches and hacks.

The spokesman noted that its capabilities “reveal new sources of omnichannel risk and [provide] investigators with automated alerts and actionable insights.”

Chris Sarne, senior director of omnichannel strategy, described what his team anticipates the revamped solution will achieve. “This new generation of cloud services accelerates the path to ROI within months of deployment,” he said.

Sarne said the service is a “holistic approach” to fraud, with an aim to not only detect it but to also save businesses money.

Oracle Retail’s customers have included Paquetá the Shoe Company and Red Wing Shoe Co.

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