How Cash Converters protects you from stolen goods

As a second-hand retailer, there is a misconception that we deal stolen goods. Contrary to popular belief, we are here to protect you from buying stolen or lost goods online and in-store.

We operate within a regulated industry and work closely with the police to identify any item that might be lost or reported as stolen.

Alongside our stringent internal processes, the police are our partners in making sure customers don’t take home items reported as stolen or lost. Here’s how we protect you against stolen goods.

Breaking the myth of second-hand retailers

There's a 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.

Of the 2.7 million items purchased by Cash Converters in financial year 2022, just 0.1% were later identified to have been stolen and returned to their rightful owner.

At Cash Converters, we operate within a highly regulated industry and strive to be the safe hands of the community. 

Our policy is now industry policy

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

If you are looking to sell an item to Cash Converters, you must sign a declaration saying you own the property. This is a legally binding document. You must also provide 100 points of ID, which can include a photo ID and a utility bill. Sellers that are caught lying about the item they are handing in will open themselves up to prosecution. 

Our staff will then ask a series of questions about where the item was bought and why you’re selling it to ascertain your knowledge of the goods. If there are any doubts about the ownership of the items – particularly if they are brand new – we will ask for proof of purchase.

Keeping you safe from stolen goods

Of course, it’s not always smooth sailing and stolen goods are unavoidable. If we encounter any goods that are later found to be stolen, we work with the police to ensure they’re returned to their rightful owner. 

To make sure justice is served, Cash Converters will help police find the offender and our staff are always willing to testify against the offender. Our process of preventing the trade of stolen goods is so thorough and detailed that offenders may also be prosecuted for fraud.

With these checks and balances in place, it makes selling stolen goods to Cash Converters extremely hard. This means that the chance of stolen goods coming through is low because those seeking to pass off stolen goods prefer to go elsewhere less stringent. Instead of risking prosecution, sellers of stolen goods would rather head to other second-hand websites, most of which are unregulated.

In other words, stolen goods may still be a problem within the second-hand good community, but Cash Converters are here to protect you.

Working with the police – step by step

When you sell us an item, we go through a detailed process in which we set out to establish that everything’s above board. This is our stolen property check.

Our process

1. Key the description of the item into our systems. We record its make, model number, colour, serial number and any markings and engravings or identifying features. 
2. The seller’s ID from our required 100 points ID check is uploaded into a police database as well as information about the item that was sold to us. This is done at the end of every day and enables the police to cross-check the information we supply against any reported thefts.
3. Goods are kept between 7 to 14 days (depending on state legislation) to give the police plenty of time to do their job.
4. Once approved, goods are then thoroughly cleaned, tested, and placed onto our shelves.

What does this mean for me as a seller?

Don’t be discouraged from selling to us! Our process is fair and thorough and not there to discriminate as we know sellers come from all walks of life. 

When you sell to us, simply bring in your 100 points of ID and our team will guide you through the process.

What happens if my item is stolen?

We strongly encourage you to report any stolen or lost item to the police to log a police report.

Each state will have its own process and information about what and how to report your stolen or lost item, but at a minimum you will need to provide a detailed description including any serial numbers or specific markings (such as with jewellery).

The police will then add this information to their database which is cross-referenced with our products once they are sold to us by a customer.

What if I find out the item I purchased was stolen?

There are some very rare instances where the item you’ve purchased is later found to be lost or reported stolen.

If this happens, the item will be seized and you will be reimbursed for the cost.

If we buy stolen goods, we lose

It’s not in our interest at Cash Converters to purchase stolen goods.

If we take in goods that turn out to be stolen, we will lose the money that was paid or loaned against the item. The property itself will also be lost when the police return it to its rightful owner. This entire process wastes our time, your time, and the police’s time.

You can trust that whatever you take home in your hands, it’s a guarantee that we have done the police checks. 

At the end of the day, our strict policy when it comes to stolen goods reassures our customers of the integrity of their purchases. We want nothing more than for you to shop with us with confidence and be safe by knowing the risks of dealing with unregulated second-hand websites.

Whether it’s Cash Converters’ stringent processes to protect against stolen goods or our Cashies 90-day warranty on most items, be sure that you’re getting a good deal every time.

If you would like to find out more, you can read our additional resources about the Cash Converters stolen goods process and our collaboration with the police.

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