Inside Job

It was a typical family business -- a husband and wife working in their retail store along with 15 trusted employees. Then one, the bookkeeper, began to write herself checks, eventually stealing $416,000 -- almost all of the profits. In another store, another trusted employee made fictitious refunds, which in turn made him $20,000 richer. Unfortunately, this is not unusual. In retailing, employee theft makes up the largest percentage of loss due to shrinkage. It accounts for 42.1% of retail crime, almost 10% more than shoplifting, according to the National Retail Security Survey conducted by the University of Florida. The average organization -- all businesses, not just retail -- loses 6% of its total annual revenue to fraud and abuse committed by its own employees, according to the survey. Think about it. Say a jeweler makes $500,000 a year. That means he or she loses $30,000 a

This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).


Already a JCK Pro? Log in

A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust

Learn about the Perks of JCK Pro

Log Out

Are you sure you want to log out?

CancelLog out