Retail : Christmas boom brings increased risk
The amount of cash handled by retailers over the Christmas trading period can increase by around 15%. Yet with the focus on sales and customer service, the risks this in-store cash boom brings, can be easily forgotten.
Tony Benson, Loomis UK Risk Director, says the figure is likely to be even higher this year.
“We move at least 15% more cash around the retail sector at Christmas and this is likely to increase this year because what tends to happen is that when money is tight people use cash as a way of budgeting,” he says.
“Retailers’ focus tends to be on selling products and providing the best service they can and because of that they can often forget the risks and become targets for criminal attention."
Now is a great time to remind staff of good cash handling practices such as varying the times of till decanting and cash collection rather than having set times which can show an obvious pattern and a weak area for attack. Tills should be regularly emptied to reduce risk for both staff and the store.
“That reduces the size of the prize for criminals,” says Benson.
It is also wise to review issues such as whether the insurance levels of your safe cover the possible increase in cash handled during the period.
“It’s important to carry out a review of your own cash handling arrangements – viewing it from a criminal’s perspective to see how easily they could get away with things,” says Benson