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Is Employee Theft a Big Problem?

Is Employee Theft a Big Problem?

 Is Employee Theft a Big Problem?

Employees use a wide variety of schemes to steal money from corporations. These range from embezzlement, bill and payroll schemes, to false reimbursement claims and sharing trade secrets. Did you know, employee fraud cost UK businesses £40 million in 2016? The most common type of employee theft, however, is when employees steal money and property right underneath a company’s nose. Employee theft of stolen items costs British businesses over £190 million.

However, it’s worth noting there are two types of theft in the workplace: Tangible theft, such as stealing money or stationary, clothes etc. and Intangible theft such as unlawfully taking Intellectual property, confidential sales figures etc. According to the National Fraud Agency, theft and business fraud costs the UK economy more than £73bn each year, therefore it is worth investing in people, processes and products to be safe, secure and to reduce the likelihood of employee theft in the future.  

Employee Theft and the Law

Theft can range from stealing a stapler to much more serious theft, and each has its own consequences. For instance, a perpetrator may take petty cash, supplies, or inventory, but a bigger more serious crime, is a much bigger deal. Offenses include stealing property or money that is worth over £1,000, or break-ins in which a thief takes inventory. All cases of employee theft are considered felonies. Consequences for can include job termination, fines, community service, and imprisonment.

A Solution: A Blink Security System

Video surveillance systems are an effective deterrent to employee theft. If co-workers know that employers are watching them and recording their actions, they are less likely to steal from a company.

There are some challenges, however, with conventional surveillance systems. First, security companies wire the cameras into a commercial property’s electrical system. Once they are mounted, you can't move them. They are also very expensive and unslightly! An entire video system complete with video cameras, monitors, and recording equipment can cost thousands of pounds.

Blink Security systems solve many these problems by offering video equipment that is wireless, affordable, and discreet. When you invest in a Blink system, you have the flexibility of mounting and transferring our video cameras wherever you want, whenever you want. You can purchase multiple units while staying well within your budget. As the Blink cameras are small and come in white or black, or with a variety of covers, you can place them anywhere. They will be unobtrusive to employees, clients and customers alike.

Protect Employees with Video Surveillance

Blink security cameras not only protect your business, but they also protect your employees. If your staff are aware that there are security cameras placed in the building, they are less likely to steal from one another. It’s another layer of peace of mind and protection, even if you experience external theft.

Blink offers a wide range of video options for your business. We can help you strategically place wireless cameras in any location. You can view and record the employee activity in your store or office from any device such as a computer, tablet, or smart phone.

Get started on a more secure business today with Blink for as low as £129.99 and no contracts are needed at Blink for Home!

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