Commitment to support the UK’s Wholesale Cash Distribution (WCD) network: View the update

Vaultex speak at Retail Fraud Show

Vaultex’s Commercial Director spoke this week at the 2014 Retail Fraud Show in London.

In a joint presentation with Sameer Dubey from Barclays and Malcolm Mackie from Morrisons supermarket, Mark Trevor explained how suppliers in the cash value chain can work together with retailers to deliver savings.

The presentation covered recent cash usage trends and fraud statistics, highlighted some emerging needs from retailers, and explained some of the various cash industry solutions which are being developed to meet these needs.

A key event in the industry calendar, Retail Fraud pulls together some of the biggest global names in retail and the supply chain to discuss innovative solutions relating to fraud and loss prevention. Keynote speakers for 2014 included senior representatives of Walmart and The Co-operative Group, with further presentations from organisations such as Nottinghamshire Police and the Bank of England.

Retail crime cost the industry £511m in 2012/13, 5% of which resulted from employee theft. Incidents of this nature cost an average of £1,200 in cash and stock[1].

Vaultex works with retailers and their till providers to process deposits secured at the point of sale – eliminating the current cash touch points which take place through the retailer store cash cycle.

Many such tills automate the counting and authentication processes – further reducing losses from human error and note forgeries. Counterfeit banknotes cost retailers and other cash-using businesses £11.5m in 2013[2].

However, cash remains – significantly – the cheapest payment mechanism for retailers. The average cost per cash transaction in 2012 was 1.5p, comparing favourably to both debit cards, at 9.4p, and credit cards, at an expensive 38p per transaction[3].

[1] British Retail Consortium Retail Crime Survey 2013

[2] The Bank of England

[3] British Retail Consortium Cost of Payment Collection Survey 2012