'Insider theft' or theft by employees of stock and/or cash is now among retailers' top three areas of concern, according to a new study released by consultancy Retail Knowledge.
The survey revealed that employee theft equalled the biggest area of store loss, and concern about the issue had risen from 18% last year to 27% in 2013. Recognition of cash theft as a problem rose from 11% to 14%.
Other major areas of concern pinpointed by the study were online and return fraud. The study was put together by Volumatic Kount, whose commercial director James Harris said: "Surprisingly, despite almost a fifth of retailers naming the internal theft of cash specifically as an issue to their loss prevention strategy, half of all retailers participating in the survey use no cash security products at the POS.
"This study highlights many areas that should help the loss prevention community benchmark themselves against their peers and to identify opportunities to engage with their businesses and each other, to win back some of the multi-billion pound hole in profits that is being created through shrinkage."
Retail Knowledge ceo Paul Bessant added: "The survey has highlighted the need for retailers to instil a positive culture of loss prevention and this could prevent the figures rising for another year. At a time when the recession and tough economic climate continue to burden retailers, losses of this magnitude are even more unwelcome."
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