It’s a common activity within the retail world: At the end of the business day, the manager tallies up the day’s revenue, gathers the deposit and drops it off at the bank. This normal, and seemingly safe process, is familiar to nearly anyone who’s ever worked in retail. Unfortunately, it can also offer opportunities for robbers and thieves if the funds are not properly protected.
Ripped from the headlines: Armored Car Drivers and Employees Steal Bank Deposits
Two recent cases:
In October 2015, The LA Times reported that the FBI found $600,000 buried in the back yard of a former armored car driver. The investigation revealed that the stockpile of cash was from two armored car drivers who conspired to steal the loot back in June 2014.
Retailers must ensure their bank deposits are protected.
And in March 2015, a trusted employee of a West Palm Beach business was arrested for stealing an $8,000 deposit. The investigation revealed the employee had a history of making late deposits, which highlights the importance of maintaining tight internal controls and auditing for compliance. In fact, an article published in the Arizona Republic about how retailers can prevent Store Managers from stealing deposits, stated, “Strong internal controls that evolve with the ever-changing financial environment are effective at reducing employee theft.”
Lessons learned: Intelligent Security Packaging
Both of these cases illustrate the importance of following a specific set of procedures for handling store deposits and properly protecting these funds.
“It’s imperative to have protection in place after cash has been taken out of the register or safe for the bank deposit.”
BrightHub noted that there are several preventive measures retailers can take to better safeguard their financial assets, including keeping money under lock and key while it is in the store. In addition, retailers should have a record of those who have handled store cash, as well as the reasons for these activities. Keeping these accountability forms can help cut down on loss as well as theft.
As these incidents show, it’s also imperative to have protection in place after cash has been taken out of the register or safe for the bank deposit. Currently, there are several options available, including the Intelligent Security Packaging offered by CONTROLTEK.
CONTROLTEK has state-of-the-art security packaging to ensure cash is secured all the way to the bank. Solutions like retail deposit bags, coin bags, strap and bundle bags, security seals, cash vault shipping bags, deposit tickets and endorsement stamps help keep accountability and security intact. CONTROLTEK can also include barcodes and other tracking measures to give managers and store owners the peace of mind that their deposits will reach the bank safely.
Worried about deposit security in your store? Let our expert consultants help select the solutions that will best suit your stores’ needs. Contact CONTROLTEK for more information.