Shoplifting, administrative errors and employee or supplier fraud costs retail industry billions every year. According to a survey by the National Trade Federation (NRF), shoplifting accounted for the largest portion of the loss at 38%, followed by employee theft at 34.5%, administrative and paperwork theft at 16.5%, vendor fraud or error at 6.8% and unknown loss at 6.1%.
NRF’s vice president, Bob Moraca said “The truth is that the industry loses billions of dollars each year at the hands of callous criminals that could be put toward human capital, promotions and other necessary business operations”.
With 43% of fraud being uncovered by whistleblowers, it is vital for an organisation to implement an independent whistleblowing hotline system whereby whistleblowers can remain anonymous at all cost.
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