Retail loss can originate in many different areas. The obvious sources are employee theft of merchandise and shoplifting losses. Other sources of retail loss are employee fraud and refund fraud. Often overlooked sources of retail loss are administrative or accounting errors and vendor theft or fraud.
The key is (no big secret here) being aware of the potential sources and putting procedures in place to monitor those areas. Deter theft by installing cameras, security systems and electronic article security system (EAS) such as a Checkpoint security system.
If you do not have internal loss prevention staff, you may want to consult with a professional loss prevention company to evaluate your business and identify a plan for you to get your losses under control.
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