In the UK, the Retail Crime Survey 2023 estimated that cash theft cost retailers £70 million, an increase of 10% from the previous year. Cash theft not only affects the profitability of businesses, but also the safety and morale of employees and customers.

One of the ways to prevent cash theft might be to make your operations entirely cashless, but this can alienate at least some of your customers. An alternative that addresses the risk of theft, while maintaining choice for your customers, is to implement cash automation solutions, such as cash recyclers. These devices can reduce the exposure and handling of cash, improve the accuracy and efficiency of cash management, and enhance the security and accountability of cash transactions. Taken together, all of these can help discourage theft across a range of different scenarios.

Cash Automation and Internal Theft
Internal, or employee theft, can take various forms, such as skimming, cash drawer theft, fraudulent refunds, voids, or discounts, and payroll fraud. Internal theft is often hard to detect and prevent, as employees may have access to cash registers, safes, and accounting systems. According to the US Chamber of Commerce, 75% of employees have stolen from their employer at least once, and employee theft accounts for 43% of retail shrinkage in the US. In the UK, the Retail Crime Survey 2023 found that employee theft was the second most common type of retail crime, after customer theft, and represented 18% of the total cost of crime.

Cash automation can help discourage internal theft by reducing the opportunities and incentives for employees to steal cash. For example, point-of-sale cash recyclers automatically accept, validate, and store cash in a secure vault, eliminating the need for manual counting, sorting, and transporting of cash. They also dispense cash for change or payouts, minimising the cash exposure and handling by employees. Back-office cash recyclers enable employees to deposit their cash takings at the end of their shifts, without having to access the safe or wait for a supervisor. These devices can also provide real-time data and reports on cash transactions, allowing managers to monitor and audit the cash flow and identify any discrepancies or anomalies.

Cash Automation and External Theft
External theft, or robbery, poses a serious threat to the safety of employees and customers, as well as the reputation and image of the business. While the data varies, there is almost universal acceptance that the levels of retail crime are increasing, resulting in growing losses but in some cases worse. In the UK, the Retail Crime Survey 2023 reported that there were 13 deaths resulting from retail crime and the equivalent number is 50 in the US, excluding offender deaths.

Cash automation can help discourage external theft by reducing the attractiveness and visibility of cash, increasing the deterrence and detection of robbers, and enhancing the protection and recovery of cash. For example, cash recyclers can limit the access and availability of cash, as only authorised personnel can operate the devices and the cash is stored in a secure vault. These devices can also be equipped with features such as alarms, cameras, GPS trackers, dye packs, or ink stains, to alert the authorities, capture the images, track the location, or mark the cash in case of a robbery. Additionally, cash automation can reduce the need for cash pickups and deliveries by armoured car services, which can also be targets of robbery.

In summary
Cash theft is an increasing, costly and occasionally dangerous problem for many businesses that deal with cash transactions. Cash automation can help discourage theft by reducing the exposure and handling of cash, improving the accuracy and efficiency of cash management, and enhancing the security and accountability of cash transactions. By implementing cash automation solutions, businesses can not only prevent cash losses, but also improve their operational performance, customer service, and employee satisfaction.

Let’s start a conversation to understand your challenges and how Glory can help.