Loss prevention is any practice taken to reduce theft, fraud, and errors in a business. Our goal in loss prevention is to eliminate preventable loss and preserve profits. This is primarily found in retail but also exists in business environments. In retail loss prevention, we are responsible for identifying shrinkage causes and following up with solutions. Businesses often will implement strategies like hiring a loss prevention manager or installing security cameras to improve loss prevention and increase profits.
Loss prevention continues to be a challenge on both digital and retail fronts, from skilled cyber criminals to shoplifters who steal low-priced items. The risk has become more of a priority to retailers over the last five yeras