According to the Volumatic Kount UK Retail Fraud Survey 2013, which surveyed 100 of the UK’s top retailers (52 % of the sector), insider theft of merchandise was labelled as one of the top three concerns overall and that it was catching up with shoplifting as a major cause for concern. While the biggest area of store loss across all sectors is still external theft at 30%, employee theft of stock is a sure close second at 27%.
These findings are echoed in a new study by the Retail Loss Prevention Fashion Forum who took the decision to measure crime in their own sector, because their perception of losses seemed out of sync with what had been reported previously as the industry norm in other studies. Their survey found that although customer theft was in decline, employee theft was more than 30% of all fashion theft.
This is set against the findings of the Volumatic Kount US Retail Fraud Survey 2013 which shows that retailers here cite losses due to staff ahead of losses due to the public.
These findings suggest that employee theft is a serious issue and it appears to be something that has been widely under-reported.
“Internal theft is hard to measure as it is something that many UK employers do not like broadcast,” says MD of Retail Knowledge, Paul Bessant. “There may be cultural factors at work here. Preliminary findings of the new Survey shows retailers in North America to be much more up front about employee theft: they generally put losses due to staff ahead of losses due to the public”.
Notes to Editor
You can download the executive summary of the Volumatic Kount UK Retail Fraud Survey 2013 free at www.retailfraud.com. The full study, which includes detailed profiles of the retailers that took part, is available for purchase.
Retail Knowledge, who commissioned the study, work with retailers to protect their bottom line.
Survey sponsors Kount and Volumatic are online and cash payments specialists respectively.
Volumatic is the UK’s leading manufacturer of intelligent cash handling solutions, supplying retailers such as Wilkinson, BHS and Morrisons. Their products are used globally to protect over $1billion per day. More info www.volumatic.com
Kount helps businesses boost sales by reducing fraud. Their all-in-one, SaaS platform simplifies fraud detection and helps online businesses accept more orders. Kount’s turnkey fraud platform is easy-to-implement and easy-to-use. Kount’s proprietary technology has reviewed hundreds of millions of transactions and provides maximum protection for some of the world’s best-known brands. Merchants using Kount can accept more orders from more people in more places than ever before. For more information about Kount, please visit www.kount.com
The Retail Fraud Study has been carried out by retail research experts Martec, who assist retailers in improving business performance.
For any further information or interview requests please contact Becky Lewis at Really Effective Marketing on 01603 858 458 / firstname.lastname@example.org