A National study conducted in 2003 states that having a Digital Camera Security Solutions with remote access can eliminate losses up to 80% and improve productivity!
Threats facing your Business
- Employee Theft = 48% of all business losses.
- Shoplifting = 31 % of all business losses
- Robbery – Occurs every 46 seconds according to the Department of Justice.
- Assault – Against employees or against clients can lead to liability lawsuits.
- Vendor Theft – Most businesses rely on vendors that leave product or perform services after hours.
- Vandalism – Destruction of property usually done by known and police documented “taggers” in the area
2003 National Study Shows Losses From Employee Theft Reach Record Levels
The latest National Retail Security Survey reports that losses from employee theft have reached record levels and that total inventory shrinkage cost U.S. retailers $32.3 billion last year, up from $29 billion the year before.
According to University of Florida criminologist Richard C. Hollinger, PhD., who directs the National Retail Security Survey, the results indicate that in 2000, retailers lost 1.75 percent of their total annual sales to shrink, up from 1.69 percent the year prior. Hollinger said that the results the survey should serve as a wake-up call to the retail industry that shrinkage continues to be a multi-billion dollar source of revenue loss
The study, conducted by the University of Florida with a funding grant from ADT Security Services, Inc., a unit of Tyco Fire and Security Services, discovered that retail security managers attributed more than 46 percent of their losses to the thefts of disgruntled workers. In comparison, 31 percent of retail losses were the result of shoplifters. Employee theft was up 2 percentages points from the previous study.
Internal theft now costs the U.S. retailers $14.9 billion annually, compared to shoplifting costs of $10 billion. Employee theft and shoplifting combined account for the largest source of property crime committed annually in the United States. The remainders of the annual retail losses are due to paperwork errors at 17.6 percent and theft by vendors at 5.8 percent, according to the data obtained by analyzing theft incidents from 116 of the largest U.S. retail chains.
“Given that the surveyed portion of the retail economy annually transacts over $1.845 trillion dollars, this percentage of loss is worth over $32 billion.” Hollinger said. “This means that the single largest category of larceny in the United States is the crime that occurs in retail stores. This figure is larger that motor vehicle theft, bank robbery or household burglary combined.”