What Are The Risks of Handling Cash?

Handling cash is a necessary aspect of many businesses, but it also comes with several risks that need to be addressed. These risks, which include physical harm, property damage and financial losses, can have a devastating impact on businesses.

An average of 69.2 crimes affecting businesses are committed every hour in England and Wales. Retailers are particularly hard hit, as 200 incidents of theft are recorded every hour, along with 455 daily reports of assault or abuse against staff. This amounts to a loss of £2.2 billion in the UK alone.

The Risks of Handling Cash

Cash is a valuable asset, and businesses that keep large amounts of cash on hand are at risk from internal and external threats, including:

Physical Theft

Retail robbery is on the rise in the UK as robbers target the cash in the till. Some of the attacks are opportunistic, with single offenders targeting smaller shops with fewer staff. Other robberies are highly targeted, involving a show of force and the use of deadly weapons. These offenders not only target the cash in the till or safe but may target the cash collection company as they collect funds at the end of the day. Physical theft not only leads to financial losses but puts employees in harm’s way.

Internal Theft

Keeping cash on the premises also increases the risk of internal theft, as employees may be tempted to steal from the till or register. Internal theft can be extremely difficult to detect and can lead to significant losses over time.

Break-ins and Burglaries

Businesses that store large amounts of cash on the premises are more vulnerable to security breaches, including physical break-ins. Break-ins not only lead to physical damage to the property and assets of the business but can cause reputational damage within the community as well.

How to Mitigate the Risks of Handling Cash

Physical harm to employees and customers is one of the biggest concerns for companies that handle large volumes of cash, as robberies can lead to serious injury, emotional trauma, and, in extreme cases, even death. Many criminals have targeted and injured bank tellers, petrol station attendants, and store employees during robberies. In order to reduce the risk of physical harm, it is important to implement measures that increase safety and security. One of these measures is the use of safety screens.

Security screens provide a physical barrier between the employee and the customer, reducing the risk of physical harm and theft. The screens are made from durable, bullet-resistant, and/or manual attack-resistant materials that can keep employees out of harm’s way during an armed or violent robbery. Security screens can also provide a sense of security for employees, as they know they are protected while they do their jobs.

Safetell screens provide a deterrent to potential thieves, as they increase the visibility of the cashier and the surrounding area and indicate that the store is security-conscious and protected.

Outside of retail, businesses could also consider implementing entrance control. By controlling who has access to the premises, businesses can reduce the risk of theft and security breaches. The right entrance control measures will act as a deterrent to criminals and unauthorised personnel. Employees will feel more empowered if access to the premises is controlled, enhancing their sense of safety in the workplace.

Finally, cash handling procedures should be in place to reduce the risk of robbery and physical harm. If possible, cash should be handed to collections companies with a barrier, such as a transfer unit, firmly between the parties and registers should not be opened until absolutely necessary.

Reduce Your Cash Handling Risk With Safetell

Safetell has provided security screens, speed gates, transfer units and cash and asset protection solutions to commercial businesses, for more than thirty years.  The company has a wide range of bespoke solutions that can be customised to meet the security and design needs of a wide range of businesses.

Get in touch with Safetell if you would like to know more.