Breaking the myth of stolen goods

There's widespread belief that companies buying and selling pre-owned merchandise attract those who want to pass off stolen goods. A quick fact check shows it’s a myth.

According to 16-year Cash Converters veteran Adam Kavanagh, stolen goods is not the problem the media make it out to be.

“Of the 4.6 million items purchased by Cash Converters in 2015/16, just 0.095% were later identified to have been stolen and returned to their rightful owner,” explains Adam.

“Cash Converters operates within a highly regulated industry. In many ways we’re the ‘safe hands’ of the community,” says Adam, who manages one of the busiest Cash Converters stores in the country.

“The stringent processes we have in place – including our close working relationship with the police – means that Cash Converters is the last place you would go to sell stolen goods.”

Our policy is now industry policy

In 1994 Cash Converters launched an initiative to better protect customers that is now enshrined in legislation in Western Australia and elsewhere across the country.

“This process requires all our customers selling goods to provide 100 points of ID,” continues Adam.

“This includes photo ID and a document from the last three months confirming your address.”

“Cash Converters will ask you to sign a legal declaration confirming you are the sole legal owner of the goods.”

Cash Converters staff will also ask questions about where the item was bought and why you are selling it in order to ascertain your knowledge of the goods.

“If there are any doubts about the ownership of the goods – particularly if the goods are brand new – we will ask for proof of purchase,” explains Adam. 

If we buy stolen goods, we lose

Adam says that it’s not in the interest of Cash Converters to purchase stolen goods.

“Firstly, we would lose the money we had paid or loaned against the item,” he says.

“Secondly, we would also lose the item when the police return it to the rightful owner. So why would we waste time and money buying stolen goods?”

Peace of mind is part of the bargain

Adam says that Cash Converters’ strict policy when it comes to stolen goods is not only a smart business decision but reassures their customers of the integrity of their purchases.

“Our customers are at the heart of everything we do and we want them to shop with us with complete confidence,” he says.

“These processes mean our customers can have higher confidence in us, than they might have purchasing from online second-hand websites.

“Whether it’s Cash Converters’ stringent processes to protect against stolen goods or our 90 day warranty on most items, customers know they’re getting a good deal every time.” 

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