Despite the rise in non-cash payments such as mobile, wearable and electronic payments; cash still plays a vital role in the daily operations for retailers, restaurants and many other businesses across the world. In fact, in a recent study 53% of businesses said that the majority of their takings were still in cash. But while cash offers a simple and convenient form of payment for consumers, it can pose a number of challenges for Loss Prevention teams in terms of security. Between internal theft and external threats, keeping this cash secure can often be a full-time task…
Cash is one of the most stolen items in the world – and it’s easy to see why. It’s often readily available, easy to conceal (in small quantities), quick to offload and difficult to trace.
For loss prevention teams, keeping your business’s cash secure is a big challenge. Because, despite investment in technology and processes to protect your cash from external threats (such as safes, CIT collections and high spec security systems); these can be relatively defenseless against systematic attacks from employees.
Worryingly, it’s not just external threats that place your cash at risk. A recent study into the causes of retail shrinkage found that internal theft (employee theft) is now the biggest cause of shrinkage for global retailers. This means that for many businesses, the biggest threat to its cash comes directly from those who are paid to manage it.
So, with the risk of both internal fraud and external theft a real consideration for many businesses, it’s important to take steps to protect your cash at each stage of the cash management process – from the counting to the transportation of the physical cash across your business. Below are three ways to improve cash security across your business:
There are a number of ways to protect your cash from external forces. But, with employee theft now the leading cause of shrinkage for retailers – it’s just as important to protect your cash from internal threats.
Protecting your cash from internal fraud can be tricky, after all these are the people that have access to your cash on a daily basis. But, there are a number of ways to reduce the opportunity for malicious cash loss and to protect your business’s assets. From limiting the exposure of your cash to getting better visibility of the physical cash across each and every one of yours stores – through a more structured approach to cash management your business can reduce the risk of cash loss in your business and improve cash security.
Want to get better visibility of your cash? Learn more about Tellermate’s LiveDrawer, the Intelligent Cash Drawer.