Five Expert Tips for Reducing Loss Prevention

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Unfortunately, retail has changed a lot. Loss prevention occurs more than you think. Retailers are prone to thieves and scammers. Technology has made it possible for retailers to reduce their risk of loss prevention. Here are some ways that you can use tech for your retail loss prevention.

Talk to Your Customers

One way to reduce to loss prevention is to talk to each and every one of your customers who enter your store. By being friendly and engaging with your customers, this can prevent them from trying to steal from your store. Most thieves are attracted to locations where the staff isn’t paying attention to their customers. Having an active and engaged staff can be one of the biggest ways to reduce loss prevention.

Install CCTV Security Cameras

Cameras can help catch thieves in the act. Not only do you want to use the right cameras, but you also want to use them correctly. Place cameras in every location of your store or in a wide variety of areas so you can spot any suspecting thieves. You should also use surveillance cameras that can record evidence if you ever need it.

Record the time and date on all your footage so you have as much information as possible when theft occurs. Some business owners install surveillance cameras that record a video for several weeks or months at a time so they can refer to that footage when necessary.

Look for Counterfeit Money

About three billion counterfeit dollars can circulate at any given time, according to The Secret Service. Unfortunately, there isn’t a government policy when it comes to counterfeit money. There’s no policy in getting your back. While using counterfeit money is considered a federal crime, it’s best to avoid counterfeit money as much as possible.

To prevent fake money from entering your business, you should look out for counterfeit bills. This may include the use of currency counting machines or markers that look for signs of fake money. Investing in a retail loss prevention system that has magnetic or ultraviolet detection technology that gives you fast and accurate checking.

Display Security Signs

One way to let customers know that your store is on the lookout for thieves is to have visible signs in your location. You can use these signs to let customers know that you use surveillance cameras and that shoplifters will be prosecuted. Don’t use these signs to intimidate your customers, but to prevent thieves from entering your retail location. Using signs with eyes can effectively get the message across.

Hire Internal Loss Prevention

A study by the National Retail Federation in 2014 found that 34.5% of theft incidents happen to retailers. It’s important to have your checks and balances in place when reviewing your cash handling transactions at the end of the day. This includes keeping track of your inventory and informing your employees about the items that your store has in stock.

Being better about loss prevention and implementing these strategies can help you fight against thieves and scammers. This is important for business who want a solid return on investment and less money loss.

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