Cash Connect Takes The Risk

Many of the country’s leading retail security specialists confirm that attacks on businesses with lightweight devices such as cash deposit boxes and safes that are less than the modern Category 4 cash vault standard have spiked dramatically in the last year. The main reason behind this is because Cash in Transit companies, banks, ATM’s and businesses have secured themselves effectively and have become increasingly more difficult to attack.

According to Richard Phillips, joint CEO of Cash Connect Management Solutions, the focus for robbers has indeed shifted to lightweight devices that often contain large amounts of cash. To make things worse, many of these attacks come in the form of bombings. The level of sophistication used in the preparation and deployment of the explosive, further strongly suggests that the criminals involved possess a far higher level of training and knowledge than one would associate with, for example, an underground mine blaster,” says Richard Phillips, joint CEO of Cash Connect.

Unfortunately many business owners are relying on their cash being insured against such loss and overlook the devastating and often life threatening consequences of a violent attack. Lightweight devices cannot reasonably be expected to deter robbers in their pursuit of easy money. Fact is, these devices are often readily and very quickly penetrated, especially when explosives are used.

Only cash vaults with a Category 4 SABS approved certification currently come close to being impenetrable. In a recent risk audit of the 24 months ending January 2015 Cash Connect recorded an average of two attempted bombings in 500 sites and no loss of cash for the entire period.

The company’s insurers First Equity noted that “Cash Connect’s performance has been phenomenal and is a credit to your uncompromising approach to providing solutions that can be relied upon by your clients to provide exceptional standards of protection”.

“It’s well known and proven, that a strong, categorised cash device is an effective deterrent for robbers. Criminals are quickly reaching the conclusion that they will either fail to gain entry to the device or, in the case of the use of explosives the force of the blast will in all likelihood destroy the cash it protects. Hence the very low number of attempts by comparison to the greater industry not safeguarded by Category 4 vaults,” says Phillips.

It is a myth that converting traditional cash control processes to an automated end-to-end cash management service will add costs to the business.

Business owners need to take the time out to do the sums themselves. Identify what your actual costs are, whether its in-store cash insurance, Cash in Transit insurance, Cash in Transit service fees, cash deposit fees, the cost of cash counting and supervising the process and the cost of cash flow, to name but a few.

“Most business owners who have done their research are quite surprised when they obtain a quote to automate their cash management processes. More and more are also starting to realise that because our business sector is experiencing an average of 51 armed robberies a day – with more than 90% of these robberies happening with the help of insider participation – it’s become essential to protect yourself, your staff, your customers and your business from becoming a victim and save costs while you are at it,” says Phillips.

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