A LOT of cash passes through the tills of the retail sector in Ireland.
According to Retail Ireland’s ‘Shaping the Future of Irish Retail - 2020’ report, the Irish retail sector currently generates sales in excess of €30 billion each year, accounting for approximately 12% of Ireland’s Gross Domestic Product (GDP).
A survey conducted by Money Point earlier this year found that on average, more than half of all of our retail based respondents' payments are still in cash.
It can be difficult to know where to start when it comes to protecting the money flowing into your business. Identifying your risk areas is key but it is vital that the person that is responsible for doing this knows what to look for.
Shoplifting and Employee Theft Top Irish Retail Concerns
The first iteration of the Irish Retail Fraud survey unveiled four years ago at the Retail Fraud Dublin event, showed that Irish retailers were most hit by shoplifting, employee theft and by fraudulent credit card use. The Irish version of the report, which is already established in the UK and US, was conducted by Retail Knowledge during the months of May and June 2014. The survey, performed either face to face or on the phone, covers 291 stores with annual sales totalling 1.6 billion euro and represents 10% of the total Irish retail sector by sales value.
According to 2016 figures from Retail Ireland, 39% of all Irish retailers have experienced internal theft in some shape or form.
CSO figures show that overall theft and related offences were up by 8.1% and fraud, deception and related offences were up 15.9% in the 12 months ending 31st March 2018 compared to the previous year.
Robbery, extortion and hijacking have also increased by 15.9% year on year and although these figures are not specific to retail, there is a worrying upward trend for these types of crimes in Ireland.
Economic (white collar) crime is also on the increase here. The latest Irish Economic Crime Survey conducted by PwC states that ‘the increase in economic crime in Ireland is happening faster than anywhere else in the world.’, that the full extent to which economic crime is plaguing Irish business is astonishing, especially when compared to our global counterparts.’ and that ‘half of Irish companies report that they have been victims of financial crime.’
It seems that opportunists are everywhere.
On a more positive note, Ireland has a lower rate of internal economic crime and fraud than our global counterparts.
However we do spend more money to combat it than other countries.
‘Not only is reported economic crime and fraud up since 2016, so too has the amount that companies are spending to fight it. The PwC survey highlights that more Irish firms have increased their level of spending to combat fraud compared to their global counterparts.’
More than half of these frauds/ economic crimes were detected by corporate controls.
In relation to small and medium businesses, ISMe’s 2017 Business Crime Reports shows that ‘Theft by staff members’ increased from 11% to 16% between 2016 and 2017.
Different sectors are impacted at different levels, with manufacturing and wholesale businesses topping the list.
Theft by Staff:
- Wholesale: 21%
- Manufacturing: 17%
- Construction: 13%
- Retail: 9%
- Services: 6%
It is true that all of this makes for fairly gloomy reading but the good news is that there is affordable technology available to help you protect your assets.
The latest cash handling equipment not only counts and sorts your cash, it can also...
- Automatically prepare and track your floats
- Validate and fitness check banknotes at the point of sale
- Bag and batch deposits for your on-site ATM, bank or CIT company
- Track transactions by user
- Provide detailed reports for your finance department
- Securely store large amounts of cash inside built-in vault quality, insurance approved safes
Our return on investment analysis has shown that implementing a full end to end cash handling solution in your business can pay for itself in as little as 18 months.
We have experts available here in the Money Point offices in Dublin to talk you through the most suitable equipment for your business. We also offer on-site surveys, process mapping and a full back-up and aftercare service for the servicing and maintenance of your equipment.
If you would like to book a consultation drop us a line now at email@example.com
Charts, Images & References:
Economic crime, also known as financial crime, refers to illegal acts committed by an individual or a group of individuals to obtain a financial or professional advantage. The principal motive in such crimes is economic gain.
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