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Rolling Deposits – Uncovering the Granddaddy of Cash Fraud

The shift manager of the fast food restaurant sits in his car, under the shade of a tree in the parking lot. On the floor were unused disposable deposit bags and a broken deposit bag sealed with last night’s checkout deposit. The manager cut open the deposit bag, and the passenger seat was piled high with things—ones, fives, ten, twenty, and change. He will use one of the unused bags to make a new deposit. The manager counted the funds several times, and his stress was mounting. That amount is not enough to match a deposit slip that was deposited two days ago. two days ago? What’s going on here? Why would he open a deposit bag today to match a deposit slip from two days ago? do you know?

It’s a theft scheme known as a “rollover deposit,” and unfortunately, it’s not uncommon when retail and restaurant managers are ready to make deposits and deposit them with banks. The employee steals all or part of the day’s deposit and makes up the stolen cash from the contents of future deposits to cover the theft. The program will continue as long as the deposit is available to the manager.

A telltale sign of a “rollover deposit” theft scam is that deposits made by a particular manager are consistently verified by the bank days after they should have gone through. Deposits made by other managers into the bank are verified on time. As the need to match deposit funds to unverified deposit slips grows more complex, the stress levels on managers who are plotting are growing. As in the above example, the deposit opened by the manager is not enough to cover the past deposit slip. The manager must now wait to add funds from tomorrow’s deposit to cover up his theft.

If the business uses disposable deposit bags and the deposit is prepared by another manager, our duty manager involved in the theft scheme would have the bank run on the deposit. In the above cases, in order to continue the theft, the duty manager had to open the sealed deposit bag and take out the cash and the accompanying deposit slip.

Without intervention, these theft schemes can go undetected for a long time and the loss of cash can be staggering. An experienced security and loss prevention professional can easily uncover fraud with a little investigation. In my experience, managers who commit rolling deposit fraud will readily confess when properly interviewed. They were under a lot of pressure to keep their plans afloat, and they were generally relieved that it was over.

There are tried and tested protocols for establishing sound loss control practices to prevent this type of scenario and ways to detect it easily. If you suspect that one of your employees is making rolling deposits:

1. Make the chart – List these columns at the top of the chart: date, shift (deposit), deposit amount, bag number, depositor name, bank verification date. A separate line for each deposit. Below the left side of the chart, consecutive days of the month are listed. Fill in the corresponding information starting from the first day of the month.

2. Analyze the graph – look for patterns and discrepancies, such as missing one-time bag numbers in the sequence, “jumps” in bag numbers, and bank verification of deposits. When discrepancies arise, look for patterns of deposits being made at the bank by the same manager.

3. Action – Prohibit the suspect from accessing the deposit. In the event of a rolling deposit scheme, deposits will quickly show excessive shortfalls or be lost altogether. Track deposit activity over the past few months to better understand when discrepancies first appeared.

4. Prevention

* All deposits are required to be sealed in disposable deposit bags

*Eliminate vinyl/canvas/zip bags

* Record the deposit bag number corresponding to the deposit

* Depositors are required to sign their deposits into the bank

* Check bank for all deposit verification dates and business dates

* Develop robust cash and deposit audit procedures, look for out-of-sequence deposit bags and verify

* Have a bank representative notify you of “delayed” deposits (delay > 3 days)

*Consider SMART safe or armored car service

Banking deposits is a common practice in Quick Service (QSR) restaurant and retail management. It’s fraught with issues like being away from restaurant or store management duties, exposure to traffic accidents and crime, and this “rolling deposit” theft scheme. While seemingly the cheapest way to deposit funds in the bank, it can be the most costly if a manager is seriously injured or killed in a car accident or armed robbery while in transit. Stealing tens of thousands of dollars from a deposit may pale in comparison. As new technologies develop, armored vehicle services become more competitive, and banking practices become more advanced, it may be time to rethink how we bank our money and eliminate exposure to our employees and our profits. So what’s going on here? Why are some deposits delayed by a few days in arriving at the bank?

Now you know, now you can do something about it.

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