In its second-largest acquisition, Amazon buys the company for $970 million.
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Blazing a trail
Gerhardt says training of personnel to use FraudWatch and even to find ways to manipulate data in ways that FraudWatch initially did not support was not difficult. “It works almost straight out of the box,” he says. And, as the cash post voids problem indicates, he says, “It’s flexible enough to do what you want.”
Town Shoes is not alone in its adoption of high-tech loss prevention techniques. It is not even alone in its use of the web to deal with loss prevention; many retailers are using web-based closed-circuit TV monitoring of stores and reporting of alerts from alarm systems. But it is blazing a path in moving data over the web from stores to an analytics program and then back to loss-prevention managers both in the stores and at headquarters to do something with the data. Others are following quickly, says Addison Chan, vice president of loss prevention and ASP solutions at Triversity. “We’ve added dozens of clients in the past two years for credit and debit exception reporting through the FraudWatch product,” he says.