5 Ways to Improve Retail Loss Prevention
1. Talk to your visitors
A strong way to deter thieves is to talk to them when they enter into your store. By being friendly and showing that you are engaged with your visitors this can discourage thieves from trying to steal from your location.
In many cases a thief would rather go to a place where a business isn’t on top of their game, whether it is for shop lifting or money scams. Having active and aware employees can be one of the biggest deterrents against stealing.
2. Use CCTV security cameras
Cameras are useful as both a deterrent and a way to catch thieves if theft or a scam ever takes place. The key with cameras is to use them wisely. Cameras are best used when they can cover everywhere in your store or at least a wide range of areas so you can spot any suspected thieves. It is also recommended to use a surveillance system that allows for recording so that you can look over your footage if you ever need to.
A best practice is to keep track of date and time on your cameras so you have as much information as possible in your recorded footage. Some retailers set up their surveillance systems keep video recording for up to weeks or months at a time so they can back track their footage if it is ever needed.
3. Check for counterfeit money
In 2013, The Secret Service released an estimate that around 3 billion counterfeit dollars can be in circulation at any time. Some of the biggest problems with receiving counterfeit money especially in the United States is that there is no Government policy for counterfeit money reimbursement. Even if you received fake bills from a bank, many don't even have a policy that would get you your money back. In addition to this, using fake bills is considered a federal crime so it's best to avoid being left with fake money in the first place.
To prevent fake currency from going into your business it is recommend to check for counterfeits. This can include using currency counting machines, examining the security features on bills and using counterfeit money detectors that use Ultraviolet and Magnetic detection technology for fast and reliable currency checking.
4. Display Visible Security Signs
An easy way to let visitors know that you’re store is proactive against thieves is to have signs in your retail location stating that you look out for and prosecute thieves. You can put up signs which say that your store records with surveillance cameras and shoplifters will be prosecuted.
It is also worth keeping in mind that the idea is not to intimidate legitimate customers but to deter scammers so the signs can also reflect your business at the same time. Some research shows that using signs featuring eyes on them may double the probability of compliance to what is written the signs.
5. Implement Internal Loss Prevention Control
According to a study done by the National Retail Federation in 2014 employee/internal theft makes up for around 34.5% of fraud incidents for retailers. Because of this, it is important when hiring new employees to have a system in place of checks and balances so that you can review the cash handling transactions that take place at your business. This also includes keeping track of the inventory in your store and letting your workers know that your company keeps track of the inventory for items your store carries when they arrive and are sold.
Being aware of loss prevention and putting these strategies into place can help in the fight against retail theft and scammers. For businesses, one of the keys to success is to have good return on investments and to use tactics that can help prevent money loss.