Useful tips to prevent Internal theft & burglary in your business
Absolutely, it is hard for you to eliminate all the risk of theft occurring at your business, but you can implement the security measures to prevent your assets and properties from being stolen & damaged by internal theft & burglary.
Nowadays, theft & burglary are all round even within your organization.
This topic will provide you with useful tips to prevent theft & burglary in your business from internal & external theft.
How to prevent internal theft & burglary in your business
Internal theft & burglary is committed by someone inside your business & organization. Internal theft includes embezzlement, employee shoplifting, fraud and janitor as well. Although it can be hard to believe that a trusted employee would steal your business intelligence or valuable properties from you, it is important to take precautions.
Tips to prevent internal theft in the business
1. Background checks to identify and eliminate future internal problems.
2. Hiring an independent trustwrothy bookkeeper or occasionally checking the books yourself.
3. Install CCTV inside the workplace.
4. Set up strong password on your computer to prevent data breaches.
5. A story policy signed off by all employees. If they steal anything, prosecution to the full extent of the law and termination.
6. Implement identity sign-in on every computer before allowing the employees to access the significant information.
Many companies decide to use Keyloggers to find out who access to their computer and try to steal the information & business intelligence.
7. Internal controls, ID badges, sign-in sheets, and separation of common space from internal space.
employee & internal theft statistics
It’s good for you to invest time and money to strengthen your company culture, service and operation, but your business may still be at risk from employee theft—of money, of confidential data, of time. Understanding this issue is key to preventing or reducing it.
Use the employee theft statistics and trends discussed below to implement the right security measure to prevent against internal theft, how much employee theft could cost your business, and, most important, what you can do to lessen its impact.
1. 57 % of fraud cases are employee-related
Middle management & employees are slightly more likely to be involved due to their knowledge of internal systems and controls combined with their relationships with a vast array of employees.
Top 4 Types of fraud are performed by employees & middle management
1. Customer Fraud ( Steal and sell cusotmer’s personal data )
2. Cybercrime
3. Asset Misappropriation
4. Bribey and Corruption
2. Fewer than 30% of organizations strongly agree they’ve implemented or upgraded technology to detect fraud
According to the statistics, most organizations adopting the proper technology to combat fraud. These include :
1. Financial costs
2. Human resources
3. Lack of technological expertise
3. 22% of small business owners have had employees steal from them
In an anonymous survey of 700 small business owners, 22% claimed that employees have stolen from them. Money, time, and electronics are some of the most stolen items.
Things mostly stolen by employees :
1. Money
2. Electronics
3. Office supplier
4. Clothing
5. High value properties
6. Food & Drink
4. Almost half of reported frauds happen within four departments
Most employee theft tends to happen in departments that have access to financial-related information like invoices, payroll, financial statements, and sales forecasts.
4.1 Operations accounts for 15% of cases.
4.2 Accounting 12% of cases.
4.3 Sales 11% of cases.
4.4 Executive/Upper Management 11% of cases.
5. An employee theft incident costs retailers 3x as much as a shoplifting incident
6. 88% of employee theft cases include attempts to hide the fraud
How employees conceal theft :
39 % Create fraudualent documents
32 % Alter physical documents
28 % Creae fraudulent electronic documents or files
25 % Alter electronic documents or files
23 % Destroy or withhold physical documents
7. Billing and noncash fraud represent 38% of employee theft cases
8. Small businesses are more likely to deal with check and payment tampering and skimming than other businesses
9. Over 70% of data breaches include an employee abusing their data privileges
According to a recent Data Breach Investigation report by Verizon, most employees who steal employer data are doing so for financial gain. They are also most likely to steal personal data over all other types of data types.
10. 40% of internal data breaches take years to uncover vs just 10% of data breaches in general
Successful Employee & Internal Theft Prevention Statistics
11. Nearly 60% of companies that conducted an investigation ultimately ended up in a better place
12. 42% of employee theft is detected by tips
13. Companies that invest in fraud prevention tend to spend 42% less money on fraud response
Tips to prevent External theft in the business
Business without alarm systems are 4.5X more likely to be burglarized
1 in 8 burglars reported picking locks
Almost 60 % of these burglaries involved forcible entry
50% of burglaries occur through unlocked doors
About 60% of burglars would seek an alternative target if alarm is present
1. Make sure that you can easily see all parts of the store. Security mirrors and surveillance cameras will help your employees monitor the premises.
2. Keep track of your inventory and investigate any discrepancies.
3. Keep security in mind when making bank deposits. It’s a good idea to make your deposits during the day and vary the time and the route you take to get to the bank.
4. Install a security system and always respond to security alarms.
security solutions to prevent theft & burglars in your business
We have many solutions to offer you to protect your valuable assets & your business intelligence from the unfair competition and internal traitors in your organization.
DIY Covert Camera : You can monitor the security inside and outside your organization with the covert camera. We have 2 models for you to choose dependent on your conveniences and organization size.
DIY Hidden WiFi Camera : For covert monitoring the security inside your organization with the remote viewing function, you watch the security in your company from anywhere via smart devices.
DIY 4K Hidden Camera : This model is designed to prevent from the radio signal interference or unauthorized jammers that intend to cut-off your CCTV signal.
PC Forensic Keylogger : To monitor the unauthorized access to the computer in your organization to find out the identity of traitors such as identification code & employee’s identification no.
