7 Ways to Reduce Fraud with POS Systems

For small businesses the steps taken to reduce fraud with POS systems are crucial in their sustainability.  Fraud presents a particular threat to profitability and remains a legitimate problem.  According to the Association of Certified Fraud Examiners via its yearly Report to the Nations, the average business loses roughly 5 percent of its yearly revenues to fraud.  Moreover, smaller companies are more likely to experience fraud than large ones.  In the past two years nearly 30 percent of reported fraud cases occurred at companies with fewer than 100 employees, according to the Association of Fraud Examiners (ACFE) 2014 Report to the Nations.  The financial perspective is not much better.  In fact, when small businesses experience fraud, they may be hit much harder and have greater difficulty absorbing these losses.  Organizations with fewer than 100 employees had a median loss of $154,000.  The two most basic types of fraud are misappropriation of assets (i.e. cash, inventory, etc) by employees and fraudulent financial reporting.

Here are some great features that help your reduce fraud with POS systems plus maintain tight control of your business and cost.

  1. Unique Logins via login ID or Dallas key – Login users, clerks, managers with different keys, passwords, and privileges
  2. Cash control – Access to the cash drawer can be limited to those with security privileges only.  Also tracks cash in- and outflows for daily reconciliation as well as starting balances.
  3. Time and attendance function records logins – Check when your staff logs in to begin their shift. Know exactly when someone was on duty.
  4. Variance reporting via EJournalView – Utilize the software to analyze and check your sales transactions.
  5. Stock control including ingredients via QProg – Automatically keep track of inventory and set up automatic deductions of ingredients from stock
  6. Linked CCTV via virtual journal printer – Maintain a watchful eye over every activity at the POS system with closed circuit television (CCTV)
  7. POS linked liquor control – Set-up the GRUBER SCHANKANLAGE or USC SPIRIT 2000/4000 systems to keep a tab on your beverage volume and cost.