Saturday November 01 , 2014

LossBusters Blog

Nuggets of wisdom from Libby
Dec 28

Wrestling with a Million Dollar Baby - Skimming

Posted by: Libby | Comment (0)

The restaurant industry is rife with ways to lose profitability.  Just when you think you have things buttoned up, a new twist comes along that can threaten your business and you may not even know about it.  Last year the restaurant industry lost an estimated $200 million to a theft scheme called “skimming”.  The cashier or server is equipped with a portable electronic device commonly known as a “skimmer” that can be easily be hidden in a pants pocket.  When handling customer credit cards the employee swipes the card through the POS system to capture the sale and while still in possession of the customer’s card, swipes the card through the skimmer as well.  The customer’s information contained on the magnetic stripe on the back of the card is captured in the device.  The information is then typically sold or transferred to organized rings that produce counterfeit cards and rack up fraudulent charges.  

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Dec 12

A leopard that couldn’t change its spots

Posted by: Libby | Comment (0)

The adventure usually begins with a notice from the bank that a deposit was either short or is missing.  It triggers questions of who was supposed to have taken it to the bank and when.  When the accountability for the deposit is determined, the employee in question undoubtedly swears that they followed deposit protocols to the letter and denounces the bank records.  Requests are made to the bank to inspect their night depository including the chute and all deposit records.  If applicable, recorded video may be viewed to determine when the particular deposit in question was prepared and removed from the store.  It’s a long, arduous process.  Trust levels are threatened, feeling can be hurt and false accusations could lead to civil action.

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