Were you aware that workplace crime costs US companies an estimated $50 billion annually? With crime rates so high and […]
Given the rise in online shopping, it’s no surprise that retail theft is rising. Research has shown that shrinkage (the industry term for loss prevention) costs businesses $50 billion annually. Depending on your business and its specific circumstances, you can take different security measures to reduce the risk of theft and shrinkage. However, this is not as simple as installing cameras or checking receipts. It would be best if you had a well-thought-out plan with multiple layers of upgraded security to protect you from any potential threats. Read on if you’re looking for tips on keeping your business safe from internal and external threats!
Diversion safes, also known as bait money safes, are commonly used for retail stores. These unique containers will automatically open when the cash drawer is opened. This way, employees can place money from the drawer into the diversion safe, keeping the customer utterly unaware of what is happening. Diversion safes can be specific to a cash register (computerized or manual) or they can be larger containers that hold a combination of cash drawers. Some diversion safes are even equipped with a false door so that employees can lock up significant amounts of cash. The false door is designed to swing open when the cash drawer is opened.
Cash isn’t the only thing that can be stolen from your retail store. Given the prevalence of online shopping, criminals are looking for ways to steal items purchased online. By intercepting your shipments and returning the stolen goods to their address, criminals can make a lot of money reselling your products. To prevent this type of theft, you must have security awareness training for your employees. Security awareness training educates employees about the most common threats to your retail store. Employees will learn to recognize suspicious behavior and what to do if they think someone is trying to steal from their business. Security awareness training can also teach employees to be more aware of their surroundings. By paying attention to their environment, employees can spot potential threats like someone loitering in the parking lot or a person attempting to intercept a shipment.
Electronic Article Surveillance (also known as EAS) is a specialized security alarm designed to prevent shoplifting. When a customer walks out of the store with an item, the EAS alarm will go off. There are multiple ways to trigger these alarms. Some EAS systems are triggered by a security tag attached to the item, while others are triggered by sensors installed at the exit. Depending on the type of system you use, the employees may need to activate the alarm, or the police will be automatically called. While EAS systems are not foolproof, they are a valuable way to reduce the risk of shoplifting. If you are installing a system, make sure that you select a system that is appropriate for your store. There are systems for small convenience stores and others for large department stores.
While EAS systems are helpful, they are not foolproof. Sometimes, a customer legitimately forgot to remove the security tag, or the sensors failed to detect an item. In these cases, you still need loss prevention personnel to determine whether the customer should be allowed to leave with the item. Fortunately, you don’t have to hire a new employee to perform this task. Instead, you can assign this responsibility to an existing employee. This will free up the employee who typically performs loss prevention duties to focus on something else.
If you are a retailer with multiple stores, you probably have employees working remotely. While there are benefits to having virtual employees, there is also an increased risk of fraud and internal theft. Electronic gatekeeping is a security measure that can reduce the risk of fraud and theft. With this system, an employee logs into a portal and must complete an audit before working on daily tasks.
Retail theft is a significant problem that can hurt your business financially and harm your brand’s reputation. Fortunately, there are security measures you can take to reduce the risk of theft. These include installing EAS systems, access control systems, using diversion safes and having security awareness training. You can protect your business, customers, and employees by implementing these security measures.