Definition, Meaning & Synonyms
loss-prevention
Noun
/lɔs-prɪˈvɛnʃən/
Definition
Loss prevention refers to a set of strategies and practices designed to reduce the risk of theft, fraud, or other types of financial loss in a business or retail environment.
Examples
- The retailer implemented several loss-prevention measures to deter shoplifting.
- Training employees in loss-prevention tactics helped decrease inventory shrinkage.
- Through effective loss-prevention strategies, the company saved thousands of dollars annually.
Meaning
It aims to protect assets and minimize losses due to various factors, including theft, damage, or operational inefficiencies.
Synonyms
- theft prevention
- asset protection
- inventory control
