Risks Associated With Your Daily Deposits

October 20th, 2014, by Shayne Feinberg

How do you put a price on securing your assets? “The Banking Industry reports losses of over $1 billion annually because of employee [or third-party] theft, greater than the amount taken in Bank robberies many times over” (http://goo.gl/f3e4tj). Businesses put their trust in the Banking system to protect their daily cash deposits, but security procedures preventing theft and cash pilferage BEFORE that money reaches their local Bank branch should still be put in place.

While the U.S.’s largest Financial Institutions employ sophisticated security systems (e.g. automated cameras, trained security personnel, alarm systems, vaults etc.), most small and medium-sized enterprises (SMEs) tend to rely on alternative forms of security to safeguard their assets and protect their nightly deposits from a growing rate of employee theft. Too often, businesses do not stress the importance of protecting their hard-earned cash and fall victim to shrinkage that could undoubtedly be reduced by proper security strategies and mechanisms.

In order to reduce or eliminate theft and mitigate risk in a fast-paced environment, Tamper-Evident Security Deposit Bags have become a necessity for any enterprise that transports valuable assets from Point A to Point B. Discrepancy theft may occur at any point in the chain of custody between the depositor and the Bank. Many different people may come into contact with your cash deposit along its route, and any of these people may use the opportunity to compromise your sealed package, remove a portion of the valuables within, and then re-seal the package without leaving any signs of tampering. True Tamper-Evident Security Deposit Packaging can be thought of as a form of insurance for cash deposits in that it will keep an honest person honest by ensuring the safe transport in the chain of custody and creating a dead-end to cash pilfering.

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Here’s an example: As a “security conscious” individual, you leave your home in the morning that is undoubtedly insured, you get into your vehicle that is undoubtedly insured, and drive to your workplace, which itself is undoubtedly insured as well. Throughout the day, Businesses rely on employees or Armored Carrier pickups to process cash transactions and transport daily deposits to the Bank. By using a true Tamper-Evident Security bag to transport cash deposits, you are protecting your Company’s assets. You are also making sure all employees involved in the transportation, storing and processing of said valuables stay honest by not providing them with any way to enter the bag without signs of tampering. This will create an easier internal audit if anything out of the ordinary should occur.

What type of product are you currently using to transport deposits? If you are not using a Tamper-Evident Security package, are you comfortable with the notion that anybody could and would “graze” through this package? Where is the sense of security?

True Tamper-Evident Security Deposit Bags provide that security and act as insurance giving you this peace of mind of knowing that your deposit bag cannot be compromised. Don’t let the temptation of stealing affect your Company’s bottom line.

So ask yourself the question again: How do you put a price on securing your assets? If you insure the rest of the valuable assets in your life, shouldn’t you want to safely transport and protect the cash your Company generates?

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