loss prevention
"Loss prevention" involves strategies to protect a business's assets and profits from theft, fraud, and other financial losses.
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Definition
C1Retail and Business
(business, security)A set of practices and policies aimed at reducing losses from theft, fraud, and errors to protect profits.
Example
- The store's loss prevention team installed new cameras to reduce theft.
- Employee training is a crucial part of the company's loss prevention strategy.
B2Corporate Structure
(business, formal)The department or individuals responsible for implementing measures to prevent financial losses.
Example
- She was hired as the head of the loss prevention department.
- Loss prevention officers patrol the store to deter shoplifters.