SOUTHERN CAPE BUSINESS NEWS - South Africa's national crime statistics for 2013/14 shows a significant increase in armed robberies against businesses and retailers with a total of 18 765 attacks for the year up from 16 375 in 2012/13.
"Since more than 90% of business robberies take place with insider participation, the risk of the person moving the cash from the business premises to the bank or ATM is extremely high", says Richard Phillips, joint CEO of Cash Connect Management Solutions.
Organised criminal gangs have designated "spotters" that look-out for people who make cash deposits at banks or ATMs. Once the victims have been identified, the information is passed on to members of the syndicate, who will then rob the victims either at their place of residence, business or en route to the bank or ATM. Phillips adds that business owners can no longer be oblivious to the fact that manual deposits of large amounts of cash, is both a life-threatening risk and generally an expensive exercise.
The time has come for South African business owners to rethink the ways they handle and safeguard their hard-earned cash – they are putting themselves, their staff and their customers at risk. "With the latest technological advances made in the cash and payment solutions industry, cash handling for businesses no longer needs to be such a risky concern. Today we have solutions that encompass cash processing, automated deposits and cash in transit logistics. It's now up to business owners to take advantage of this technology that ensures a business is 40 times less likely to be targeted by armed robbers," says Phillips.
In order for business owners to ensure a safer environment for themselves, their staff and their customers, Phillips says that the use of cash vaults that conform to SABS category 4 level standard are increasingly proving to be the most effective deterrent against armed robbery and burglary while at the same time removing the risk of cash theft and reducing cash shrinkage and the overall cost of cash handling.
Although Cash Connect does not advocate manual cash management practices in store, it is a reality that many business owners are still making use of these traditional ways to manage their cash. With this in mind, Phillips recommends the following tips for business owners to avoid being a victim of cash robberies:
- Alternate the days and times on which you deposit cash.
- Never make your bank or ATM visits public, especially to employees and even to people close to you.
- Do not openly display the money you are depositing while you are standing at an ATM or in a bank queue.
- Avoid carrying money bags or briefcases when approaching an ATM or when standing in a bank queue.
- It's advisable to identify another branch or ATM nearby that you can visit to ensure that your banking pattern is not easily recognisable or detected.
- Refrain from driving to the bank in your company branded vehicle on a typical 'pay day'.
- Avoid paying wages in cash to your staff and consider arranging for electronic transfers for wages to your contract or casual labourers' personal bank accounts.
- Take the time to investigate converting to an automated cash management service and take away all of the risk inherent in the above.
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