10 Suggestions for Thwarting Equipment Theft During Crime Prevention Month
October marks Crime Prevention Month, highlighting the critical issue of equipment theft impacting North America’s rental and construction sectors.
Recent statistics from the National Equipment Register (NER) and the National Insurance Crime Bureau (NICB) reveal that equipment theft results in $300 million in annual losses. Estimates go as high as $1 billion; alarmingly, 25 percent of stolen assets are never recovered. The complexities surrounding equipment theft, often blurring the lines between criminal offenses and breaches of contract, continue to impact businesses across these industries.
During Crime Prevention Month, we focus on empowering businesses with effective theft-prevention strategies. By proactively addressing vulnerabilities and implementing security measures, companies create a safer environment for their people, equipment, and, importantly, their bottom lines. Use Crime Prevention Month to foster a culture of security within your company. Educate employees about the risks of theft and the importance of vigilance.
Here are 10 Proven Crime Prevention Strategies
Implement Access Control: Strengthen access control during this awareness month by using security measures such as fencing, gates, and surveillance cameras to deter unauthorized entry to equipment storage areas and job sites.
Invest in Asset Tracking: Here’s where Ryken can help rental and construction companies. Emphasize the use of GPS technology to monitor equipment locations in real time. Highlight how it enables quick recovery in case of theft and serves as a strong deterrent.
Robust Asset-Monitoring Platform: Technology that allows you to set up geo-fences is vital. This will enable operators to set virtual boundaries for equipment and get alerts if they move beyond those limits or experience sudden, unexpected movement. These instant alerts allow users to respond promptly, preventing catastrophic equipment loss and expensive downtime.
Enforce Proper Documentation: For rental companies, keep meticulous records, including detailed descriptions, rental agreements, and customer information. Stress the importance of regular record audits to identify discrepancies or irregularities. For construction companies, keep accurate lists of all equipment models and serial numbers, know their exact location, and track which employees use and have access to them.
Background Checks: Encourage conducting background checks and verifying the identity of rental customers. Showcase how this can identify potential risks and enhance security. Construction companies should run background checks on all potential employees.
Secure Storage: Highlight the importance of secure and well-lit storage areas for equipment when not in use. Emphasize the use of locking mechanisms and security features on vehicles and containers.
Employee Training: During Crime Prevention Month, conduct specialized training sessions for employees to recognize and report all suspicious activity. Encourage open communication with management regarding any security concerns.
Visible Deterrents: Emphasize the significance of visible deterrents such as signage indicating the presence of surveillance cameras or alarms use fencing, locks, or security personnel when possible. These visual cues effectively dissuade potential thieves.
Work with Law Enforcement: Promote collaboration with local law enforcement agencies and stress the importance of sharing information about your equipment inventory. Develop mutually beneficial relationships with local and state law enforcement agencies.
Regular Maintenance: Emphasize the value of routine equipment maintenance to ensure it remains in good working condition. Out-of-service equipment can pose as a target for thieves.
By implementing these strategies, businesses will significantly reduce the risk of equipment theft, have a safer work environment, and increase the likelihood of being profitable!