According to the National Retail Federation, employee theft cost companies $34.5 billion in 2011, accounting for 43.9% of total losses, wrote John Patrick Pullen of Entrepreneur magazine (Oct. 24).
Pullen identifies five ways employees steal from their workplaces, and presents cutting-edge solutions for each of those techniques:
1. Taking money from the register?
Solution: Internet Protocol cameras
"Analog tape, closed-circuit video cameras have long watched over cash registers, but a new wave of Internet Protocol (IP) cameras is bringing greater convenience and new features," Pullen writes.
iQmetrix partner Envysion supports both analog and IP video cameras from a wide variety of manufacturers. Don’t have on-site cameras? Envysion can procure cameras for you at a competitive market rate.
2. Copying the company's digital assets?
Solution: Cloud-based security services
"Most small businesses don't have the bandwidth to keep watch over their network, making Check Point SMB Cloud Managed Security a potentially valuable investment," Pullen writes. "The San Carlos, Calif.-based firm manages a range of remote security measures, such as firewall maintenance, intrusion prevention and antivirus monitoring."
3. Stealing customer data?
Solution: Data encryption services
"Encrypting customer data can be vital in dealing with this problem," Pullen writes. "One solution is the Dataharbor backup appliance from Vancouver, Wash.-based CRU Dataport, which restricts access on the hardware level."
4. Pilfering products
Solution: Radio frequency identification tags
"These tags, known as RFID, come in two varieties that readers can detect either up to 40 feet way or up to 300 feet away," Pullen writes. "This makes it less laborious to account for shelved or stored products, allowing for an inventory to be conducted more frequently."
Because mobile devices are big-ticket items, they already come equipped with RFID tags, so this category is a no brainer for wireless retailers.
5. Cheating on time sheets
Solution: Biometric identification systems
"Payroll fraud is so rampant in the workplace that you may have committed it without even noticing," Pullen writes. "Coming in late, leaving early and taking extended breaks shave time off the workday -- and also steal from the payroll budget."
iQmetrix partner DigitalPersona is the leading provider of fingerprint identity solutions for retail point-of-sale (POS). Over 90% of biometric-enabled POS solutions use DigitalPersona.