The National Retail Federation reported that theft, fraud, and other forms of retail shrink equated to nearly $62 billion in losses in 2019. While thefts from burglaries, shoplifting, and payment fraud make up most of this, internal theft contributes significantly to losses.
Internal theft comes in many forms, including time theft, cash skimming, stealing merchandise, or offering unauthorized discounts to family and friends. The NRF’s 2019 Security Study revealed that each dishonest employee represents an average of $1,264.10 in losses.
With that in mind, here are a few ways you can adjust your loss prevention strategy to protect against internal theft.