Do you really need fraud detection technology in your cash management activities?
Quality money counters and currency counters detect counterfeit cash quickly
The amount of money that fraud costs U.S. businesses is sobering. A 2017 study by Hiscox estimated that companies that fell victim to embezzlement lost an average of $1.13 million to employee theft. The lion's share of those cases, 68 percent, happened in small to midsize businesses, with median loss of almost $290,000. The most common types of fraud were outright theft and check fraud.
And that's only taking internal fraud into account. There's also counterfeiting to consider. The Federal Reserve estimates that anywhere from $70 million to $200 million in counterfeit bills are in circulation at any given time. As the Feds try to make bills with new anti-counterfeit features, the counterfeiters catch up.
If your business accepts a counterfeit bill and you don't have fraud detection technology, it's more than likely you'll have to eat that cost. The government won't replace it with a legitimate bill.
Employee theft, fraud and counterfeit bills collide to create a perfect storm for retailers, grocers, banks and any other type of business that deals with cash flow issues. That's why a cash management system with fraud detection is so vital.
A quality commercial money counter and check scanner is a powerful way to combat fraud in the workplace due to employee theft and customers trying to pass counterfeit bills. It can process 1,600 bills per minute, and virtually eliminates the human error (accidental or purposeful) that comes with hand counting. Other features:
- Mixed bill processing: Count cash and denominate 33 percent faster than comparable currency counting models — up to 1,600 mixed bills per minute — to end shifts on time.
- Serial number capture: Capture full-size images of every bill at up to 1,200 bills per minute for a highly effective means of tracking currency.
- Counterfeit detection: With the most advanced counterfeit detection in the industry, patented sensors and analytic software analyze each bill, catching counterfeits that others miss.
- Check scanning: Process checks at 400 documents per minute. Reduce overtime costs, extend deadlines and improve employee morale.
- Future-ready design: Easily upgrade select models with a software activation key as new features become available.
- Four levels of memory: Keep separate totals for sub-batches, batches, day totals and strap limits.
Counterfeit bills and employee theft are nothing new, but with new money counter technology, merchants have more of an arsenal than ever before to combat them.
February 8, 2019