Protecting Cash Made Simple
Some fixes to deter employee or customer theft can be quite extensive and technologically advanced, requiring extensive training, expensive equipment, and tons of resources.
Other ways to combat missing cash are easy to implement, such as having the relevant and necessary supplies for managing cash transactions. One simple deterrent to cash theft is engaging in the proper handling and transferring of cash.
5 Guidelines to Help Protect Collected, Transferred, & Deposited Cash:
- Follow best practices for hiring and training employees. Develop an anti-theft plan to include situation assessment and delineation of consequences. Be sure all employees handling money at any stage in the customer-to-bank deposit transaction period understand their responsibilities to the company. Trained security personnel must be constantly on the alert for possible theft and company investigators should be schooled in proper interviewing and reporting techniques for theft cases.
- Using a 2-person check, or dual sign-off, for cash transfers will deter individuals from considering stealing some of the money in their care. Also referred to as “separation of function”, this includes requiring one person to count the cash while another person verifies the amount and completes the deposit slip, or having one person seal or lock the money bag while another person verifies the seal or retains possession of the key.
- Install video cameras in the areas where cash is stored or transferred. Cameras can provide hard evidence in a theft case but more importantly, they are a deterrent to preventing thefts from occurring.
- Check your accounts in a timely manner. Make sure all deposits show up in your bank statement. Monitor all bookkeeping records. Engage in periodic, unannounced, unscheduled auditing of bank accounts.
- Utilize proper cash deposit bags. Currency bags should safely store money and protect it from theft as it changes hands. There are locking bags or tamper-evident currency bags, all with mid-level and maximum level security options. This added security level makes thieves think twice before reaching into a sealed money bag.
Proven Cash Protection Solutions
At CONTROLTEK, we understand that theft is not always perpetrated by store employees. There are many cases where the theft occurs after the cash has left the hands of the employee. We help ensure your cash is protected from armored car drivers and bank employees as well!
The CONTROLTEK SafeLok bag incorporates our “press2Lok” seal technology, utilizing a high security void tape with an in-line closure. This void tape is specially formulated to display void evidence when subjected to heat, cold, or chemicals.
Typically used for deposits, this bag comes in a large array of sizes and styles including internal and external pockets for checks and deposit slips. High performance films and side seams meet all Federal Reserve guidelines. The high-definition void graphics on this “easy to seal” bag make it a deterrent against theft as well as a favorite for high volume cash users.
To help prevent cash loss, contact CONTROLTEK today.
[This article has been updated to reflect the 2020 National Retail Security Survey]