Employee Embezzlement
We hear it day in and day out. Pawnbrokers too often finding even their best, long-time, trusted workers and family members succumbing to the lure of the money, and valuables in the business. Yes, even managers and family members are among the guilty, mostly because they are so completely trusted that there are no checks and balances. With each indiscretion comes more resolve to grasp an opportunity.
It may start with the fudging of a timesheet, or having someone punch in or punch out for them. It could be learning another employee’s password and taking the steps to cover ones tracks by using that employee’s login. Some log into pawn software systems and change settings. Others perform ghost transactions filling out the paperwork for a fictitious customer and pocketing the money. Too frequently, it’s the editing a transaction and changing a Rolex into a Timex or voiding a transaction and walking away with the bounty.
More times than not we are told of workers that collaborate with family or friends to sell an item about to be forfeited or already in inventory for a greatly reduced price. Other times, items are split, mis-binned, and later taken without a trace. And, of course, there’s the friend or family member that gets an excessive loan in comparison to the value of the item.
There exist as many stories as creativity permits. In the end, the pawn shop owner loses. Hundreds of thousands of dollars can be skimmed in one way or another. Here again, what pawn software a pawnbroker uses and what data they have to make informed decisions can be the difference between a struggling business and successful one.
| Customer Fraud | Employee Embezzlement | Managing Inventory | Growing Pains | Multi-Store Management |