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Retailers urged to beef up cash security

12 June, 2009

With crime costing the UK retail industry more than £3.5m a year, cash management company Loomis has urged retailers to be more vigilant with security.

Loomis has warned retailers that, according to figures from The Centre for Retail Research, crime is setting the sector back £3,863 million a year. What's more, UK retailers are losing £785million through a lack of security and loss prevention methods, with £39million alone lost each year through robberies and burglaries.

Loomis is therefore encouraging petrol retailers to take action and think carefully about how they transport and store their takings.

Its advice includes:

•    With a staggering 29.4million forged pound coins in the system (www.royalmint.com), make sure all staff are trained to recognise fraudulent notes and coins.
•    Get a professional risk assessment conducted on your premises to highlight internal and external risk factors.
•    Ensure all cash takings are stored and locked in a safe.
•    Choose a secure cash management supplier that will provide cash insurance, giving you peace of mind.
•    Install fraudulent money detectors such as counterfeit detector pens and UV note detectors.

Tony Benson, The company's UK group risk director, said: "The global economic crisis appears to be driving crime with figures for opportunistic crime on the increase, and in turn, crime is fuelling loss, giving retailers no choice but to be on their guard.

“By implementing these easy steps, retailers can reduce their chances of being a victim of crime in the UK. Loomis is committed to providing specialist solutions for retailers that reduce the risks associated with cash handling, and our cash management solutions tackle everything from detecting cash forgeries to deterring opportunistic crimes.”





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