It is the silly season once again and with that comes all sorts of crimes, cash robberies being the dominant one. Everyone is at risk including businesses and savings clubs/stokvels. The following tips should help you to not be a part of the statistics.
Tips to avoid being a victim of cash robberies for individuals:
If you need to pay accounts, consider options that are lower risk instead of withdrawing large sums of cash. Apply the following tips to avoid being a victim:
Carry as little cash as possible.
Consider the convenience of paying your accounts electronically (consult your bank to find out about other available option).
Consider making use of cellphone banking or internet transfers or ATMs to do your banking.
Tips to avoid being a victim of cash robberies for businesses
A small business which is cash based and needs to deposit money on a regular basis at the bank should apply the following tips which will minimise the chances of you being a victim of robberies:
Alternate the days and times on which you deposit cash.
Never make your bank visits public even to people close to you.
Do not openly display the money you are depositing while you are standing in the bank queue.
Avoid carrying money bags, briefcases or openly displaying your deposit receipt book
It is advisable to identify another branch nearby that you can visit to ensure that your banking pattern is not easily recognisable or detected.
If the amount of cash you are regularly depositing is increasing as your business grows, consider using the services of a cash management company.
Refrain from giving wages to your contract or casual labourers in full view of the public rather make use of wage accounts that can be provided by your bank.
Refrain from driving to the bank in your company branded vehicle on a typical ‘pay day’
Consider arranging for electronic transfers of wages to your contract or casual labourers’ personal bank accounts.
Tips to avoid being a victim of cash robberies for savings clubs and stokvels:
If you are a member of cash savings club, advise members of your club of the following tips that will assist your club from being victim to cash robberies:
Refrain from making cash deposits of club members’ contributions on high risk days (e.g. Monday after month end).
Ensure persons depositing club cash contributions or making withdrawals are accompanied by another club member.
A stokvel, savings club or burial society can arrange for members to deposit cash directly into the club’s account instead of collecting cash contributions.
Arrange for the club’s pay-out to be electronically transferred into each club member’s personal account or accounts of their choice.