The holiday season is a time for joy and celebration, but unfortunately, it is also a time when criminal activity increases. Organized theft rings and criminals often take advantage of the holiday season to target retail businesses that are more vulnerable due to holiday shopping, transaction spikes, and other distractions. From shoplifting to credit card fraud, holiday-related crimes can cause significant losses for retailers. Therefore, business owners must be aware of these risks and take steps to protect their establishments from holiday criminals. So, in this post, I’ll discuss what you need to know to protect your bottom line.
Why Retail Crime Increases During the Holidays
The peak of the retail shopping season has occurred from Black Friday through December 26th for the past few decades. It is perhaps the most important and anticipated time of year for business owners who rely on holiday sales that they don’t get at any other time of year. While this golden opportunity is what retailers need to maximize financial gains, it is also when many criminals and organized theft rings expect to make big profits, too.
The increase in holiday-related crimes generally occurs because thieves target holiday shoppers who carry large amounts of cash and valuable items due to holiday sales. According to a recent article, loss prevention experts now deal with new and higher threat levels post-pandemic. Crowded stores provide the perfect environment for criminals to target holiday shoppers who leave packages or shopping carts unattended or carry holiday gifts to their cars. In addition to the increase of holiday shoppers around this time of year, businesses may be unprepared for the rise in crime or lack security systems making them an easy target for burglaries.
What Types of Crimes Are Most Common
Common holiday-related crimes such as shoplifting, burglary, and fraud continue to increase and require retailers to remain vigilant. With the large spikes in foot traffic and higher concentrations of valuable products, it is no surprise that shoplifting and burglaries are more frequent. However, since the pandemic, consumer trends show online purchases have continued to soar, and cyber crimes have become a serious concern. Here are a few of the issues businesses now face and must address.
- Malicious Software – Software such as viruses, worms, bots, adware, or ransomware hackers use to attack company networks or steal confidential data.
- Carding – Using stolen credit card information to purchase gifts, prepaid cards, or gift cards during the holiday season.
- Credential Stuffing – A method cybercriminals and hackers use that compromises user data to access online accounts and purchase items on retail websites.
Cyber crimes can inflict unexpected financial harm, so it is wise to research and implement cyber liability insurance to cover any potential breach. If you fall prey to a cyber attack, your company will be held liable for any action and subjected to claims made by customers or vendors that have been affected. With this type of insurance, aspects such as payment of damages resulting from data breaches, protection against manipulation and destruction of software, and legal services rendered for prosecuting cyber criminals, are usually covered.
How To Protect Your Business Against Crimes and Scams
Everyone knows that traditional forms of security like surveillance cameras, security guards, and up-to-date store security systems are tested and proven. However, there are more modern tools you can implement to provide customers with a more comfortable environment.
The first tool is virtual surveillance which utilizes live agents working remotely. Live agents have a distinct advantage over on-site security because they can monitor the entire facility. While on-site agents deter potential crime and provide a sense of security for patrons, they can’t be everywhere at once like a remote agent can. With the help of HD cameras, live agents can monitor more people and recognize suspicious situations to prevent criminal activities before they occur.
Another tool to consider is security system integration. Many modern retailers have chosen to upgrade to the highest level of protection possible for employees and holiday shoppers by integrating traditional security features. These components typically include advanced surveillance systems, access control barriers, real-time alerting systems, emergency response systems, and analytics software that detects unusual activity. When these components work together, they efficiently monitor holiday shopping to protect customer data, reduce the risk of theft, and avoid potentially dangerous situations.
What To Do if You Are a Victim of a Crime
Nobody wants to think about the possibility of their business, patrons, or employees becoming victims of a holiday crime. But you must review security protocols and holiday processes to be prepared. When unexpected dangers arise, do your best to remain calm and act quickly and responsibly to ensure the safety of staff and customers. Immediately report the crime to the authorities, and gather all relevant documentation, software logs, video footage, and potential witnesses. The police will appreciate your efforts and can work faster and more efficiently.
After you have filed an official report with law enforcement, document the events in the order they occurred and any evidence in writing. Make sure to document all the details and resources used in resolving the situation to ensure you can quickly respond if similar issues arise in the future. If necessary, take a day or two before you review security protocols and holiday processes to make effective changes that prevent potential crimes from happening again.
As you can see, when the holiday season approaches, it is critical to be aware of the potential dangers that occur during this time of year. With the tips, I’ve shared today and some extra vigilance, you can help keep your business, employees, and customers safe from holiday crimes. By implementing modern security measures and upgrading insurance policies, you can position your business for success.
