Earlier this year, the British Retail Consortium (BRC) released its latest Retail Crime Survey, and that, coupled with ongoing reports from major retailers across the UK, has revealed some shocking statistics when it comes to the state of retail crime over the last 12 months.
According to the survey, retail crime rose by 25% between 2023 and 2024, with 20 million incidents of theft last year compared to 16 million incidents the previous year.
Perhaps even more alarming is the rise in violence and abuse towards store employees, which has risen 50% over the last year and a staggering 240% since 2020. There are over 2,000 incidents of violence and/or abuse in retail stores every single day, 70 of which involved the use of a weapon – more than double the previous year.
The financial impact of this on retailers is substantial – The total cost of retail crime, including crime prevention measures) now sits at £4.2 billion, with £2.2 billion of that being a direct result of customer theft.
Government response
The new government has already pledged to tackle the scourge of retail crime with the introduction of their new Crime and Policing Bill in late February, which has promised to protect the public and our town centres from antisocial behaviour, retail crime and shop theft and to equip the police and others with the powers they need to combat antisocial behaviour, crime and terrorism.
The Government has also promised more community police officers, announcing at the same time as the new bill that they will be investing £200 million in extra community policing.
Protecting your retail store(s)
As cash handling experts and with over 50 years of experience behind them, market-leaders Volumatic are well-qualified to offer advice to retailers on the best ways to help prevent and protect themselves against retail crime, particularly when it comes to processing your daily cash takings. With a range of solutions designed and purpose-built to offer more security around cash processing, they can offer many tried and tested solutions to help too.
Take a look at Volumatic’s five ways to protect your store against retail crime:
1. Document your cash handling procedures
All retailers should have clear cash handling procedures for staff that outline the steps all employees must take when handling cash to reduce the risk of mistakes. An effective cash handling procedure will include:
- Step-by-step instructions for employees on how to handle cash
- Staff roles and responsibilities, e.g. who can perform a cash lift
- How much and how long cash should stay in a till drawer
- Advice on regularly changing the routine of your cash handling procedures to avoid thieves from knowing when to strike
- What to do if there are discrepancies, including how to escalate an issue
The most crucial area here is identifying discrepancies because by identifying them quickly, you can also quickly determine the cause. If many members of staff are making the same mistake, for example, they probably require additional training. However, frequent errors by one or two staff members may also be an indication of internal theft or fraud.
2. Choose sensible and efficient cash storage solutions
According to the Association of Certified Fraud Examiners 2024, the most common form of internal theft in stores is theft of cash, accounting for around 89% of shrinkage. The more cash there is lying in a till drawer, the higher the risk your staff may be tempted to take it, especially when so many people in the UK are struggling to pay their normal bills right now.
A full till drawer also increases the chance of mistakes being made. If a cash drawer is overflowing, for example, two notes may be grabbed by accident instead of one, and not all customers will be honest about being given more change than they are owed.
The best way to keep your cash takings safe is to invest in a point of sale (POS) cash handling solution. These devices offer immediate efficiencies – no more lengthy manual cash counting, better cash security and long-term cost savings. Volumatic’s CounterCache intelligent (CCi) is a perfect example of why POS solutions work and why they are used by the likes of Tesco, Morrisons and the Co-op to name but a few.
With an intelligent solution like the CCi, your team can deposit all banknotes received from your customers directly into the secure device. Cash cannot be accessed until it reaches your bank as it uses tamper-evident technology to keep your cash sealed in a secure, recyclable pouch.
The CCi streamlines your cash handling process from the moment the customer pays to the moment the money arrives at your bank. In doing so, it reduces the risk of lost income due to theft, fraud and human error. It does this by significantly limiting the time staff handle cash – essentially your cash is only touched once by your employees. Once entered into the CCi your cash is securely stored in the device, which also validates (eliminating forgeries entering your business) and counts the cash, making it easily transferable to your bank.
The CCi can also give you accurate daily reporting via Volumatic’s intuitive CashView Enterprise cash management software, and offer a true end-to-end cash management solution with its latest applications.
3. Choose trustworthy and reliable employees
It isn’t possible to remove the risk of staff theft entirely. However, you can reduce it. Make sure you have robust recruitment practices. This includes doing background checks and checking references, as well as regular supervision of everyone who works for you.
In addition, it can help to limit the number of people with access to your till points. This means that if there is a shortfall in takings, there are fewer places to look at for where it went wrong. It also means if there is a possibility of theft, you will be more easily able to identify the culprit.
With the Volumatic CCi, you can opt to add Operator Accountability, which allows you to add a simple ibutton to your CCI which logs the name of the staff member or shift, allowing you to identify who is using the CCi at any time.
4. Increase your security measures
One of the best ways to reduce the risk of theft or identify where your cash handling procedures have fallen down when tills are short is better security. CCTV is a great option when it comes to keeping retail cash safe and helping give police the evidence they need to prosecute and convict the perpetrators of crime.
If possible, install CCTV cameras at every entrance or exit to your store and at least one covering your cash register. To ensure images are of good quality, choose a system with at least a 1080 p resolution to give you clearer detail, and one with night vision capability and motion detection too.
Remember that if you install CCTV, you need to comply with both GDPR and Data Protection Act rules.
5. Create the right culture
Through a combination of systems, solutions, policies and attitudes, you can foster a positive company culture across your workforce. Your company ethos not only improves the working environment in your business, but it also helps to instil a culture of responsibility which every member of your team feels a part of.
To create this, there needs to be a clear understanding of the impact of cash theft on businesses like yours. There also needs to be a clear incentive for your workforce to protect your business too. When you involve your employees in your policies to create a safer, happier and more trusting work environment, you are likely to see the positive results spread across the business.
Don’t be afraid to ask your employees what would make them feel more comfortable when it comes to cash; they may have other ideas of how to keep your cash safe that you may not have considered, as they are the ones handling cash and dealing with customers every day.
Protecting your profits
Adequately protecting your store(s) against internal and external theft may require a significant investment. However, there is usually a high return for businesses that prioritise keeping their cash safe. With the statistics on retail crime rising each and every year and every store losing, on average, 5% of their profits to theft each year, the question every retailer must ask themselves is: Can I afford not to protect my store?
