A recent study conducted in the UK revealed that only 1% of businesses invest in any type of security for their premises, staff, and customers. Therefore, it is unsurprising that the level of crime against businesses in the UK is staggering. 

In 2023, almost 500,000 companies fell victim to some form of criminal activity. What can you do to avoid becoming part of this statistic? The key, of course, lies in prevention.

Since prevention is important, there should be actionable plans to mitigate the risks. 

What are the Dangers of Theft?

The damage caused by lawbreaking goes far beyond the immediate loss of money or products. Companies risk losing their customers’ trust when they fall prey to criminal acts. These customers might then view the company’s operating environment as perilous or insufficient in maintaining basic safety standards.

Declining Team Productivity

Furthermore, there is the issue of declining team productivity. Employees who feel unsafe in their workplaces cannot perform their best. Moreover, the feeling of insecurity increases the company’s turnover, leading to a loss of talent to competitors. 

Company Insurance Policy Cost Increment

Another indirect loss is related to insurance costs. Many businesses that have been robbed have seen their insurance policy costs skyrocket. This happens because insurance companies charge a premium to businesses in hazardous areas or conducting potentially risky activities. 

Delinquency

The snowball of losses caused by delinquency does not stop there. All the company’s marketing efforts can go down the drain if, for example, a customer falls victim to a crime within the establishment. Public opinion may view the company as having failed its duty of care.

It is also necessary to consider the impact of theft and other criminal activities on the company’s operations. Detecting and containing a crime, as well as the subsequent investigation to quantify what was taken and identify the perpetrators, can interrupt the company’s activities, causing further financial losses and impacts on the image.

The discussion around theft encompasses more than the loss of money or physical assets. This includes the theft of sensitive corporate documents, such as strategic plans and proprietary secrets, alongside the misappropriation of personal data belonging to customers and employees. Such breaches expose the company to potential legal action for failing to protect this information.

10 Useful Measures to Prevent Business Fraud

Despite the soaring numbers related to crime in the UK, this battle has not yet been lost. There are several measures your company can take to avoid becoming a victim of theft. Check them out.

1. Hiring Manned Guards

One of the most efficient and popular preventive measures is hiring manned guards to protect the company’s premises, employees, and customers. These professionals are equipped to offer round-the-clock security or to operate exclusively within business hours. Certain companies choose to deploy these teams solely outside regular business hours to counter opportunistic criminals who exploit periods of inactivity to launch attacks.

2. CCTV

Internal security systems are highly effective in preventing crime. They act as a deterrent, discouraging transgression. Moreover, through camera surveillance, it is possible to catch the offender in the act and take immediate action to prevent the success of the theft. Lastly, these cameras significantly aid the police in identifying the perpetrators, which serves to deter criminal presence.

3. Cash In Transit Security

Cash in Transit Security is one of the thoughtful solutions to help prevent thefts in business. Transporting money is one of the riskiest activities businesses routinely perform. In these situations, it is highly recommended that professionals carry out the task. Companies specializing in cash transportation know exactly the safest routes for moving the money, use armored vehicles and employ strict security protocols that deter criminal actions.

4. Vet Staff

Hiring staff without proper vetting can lead to thefts, scandals, or legal issues that tarnish the organization’s public image and erode trust among clients, investors, and the community. 

It is important to have a hiring company vet the potential employees before hiring them. 

Professional vetting companies have expertise in conducting thorough background checks, understanding legal compliance issues, and interpreting the results accurately. 

They are experienced in identifying red flags that may not be obvious to those without training in security or human resources.

5. Anti-Theft Policy

Prevention is better than cure. And it applies to your business and its operations as well. An anti-theft policy sends out a strict company message to employees that they are very serious about theft. It also communicates the level of accountability one has to bear upon certain findings. If you are setting up an anti-theft policy, then it is really important to have the policy transparent and accessible to the employees. On top of that, there should be a proper reporting system in place, helping the organization take proper actions. 

7. Risk Assessment

Prevention is better than reaction. Therefore, conduct a risk analysis of your company. Which areas are vulnerable, and what can you do to discourage malicious individuals? Risk management companies offer valuable insights and customized solutions that specifically address your organization’s unique risks, helping to create a safer and more resilient environment.

8. Regular Audits 

Fraud and illegal activities are not easy to detect unless there is a regular audit process in place. Through such audits, companies can ensure that rigorous internal control and detect potential cases of fraud or theft the minute when they appear. Regular analysis processes should be put in place to help with such interventions. 

9. Separate Accounting Duty

Separation of accounting duty is a great way of mitigating the chances of theft. It would be wise not to let only one employee have master access to all the folders and accounts. For example, it would be wise not to make your cashier be the accountant as well. Separation of the payroll account from the business account also ensures such safety to some extent. 

As an employer or a business owner, it would be wise to keep a continuous chain of communication with the employees. It keeps you updated on the motives of most of the employees and keeps the employer-employee relationship seamless. 

10. Credit Card Protection

Businesses can also implement secure payment processing systems similar to the ones that use tokenization and encryption. This helps protect valuable credit card information during the business transaction and reduce any breach of data. 

Bottom Line

Companies that ignore security risks are doomed to become victims of the wave of crime that, unfortunately, plagues the country. Adopting a proactive attitude and preparing to mitigate these risks are the best ways to protect a company’s resources and reputation.

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