Loss prevention is the practice of identifying, assessing and reducing risks of fraud and theft for companies. It is about protecting an organization’s financial interests through the use of strategies and solutions designed to prevent loss events from occurring in the first place. These strategies involve recognizing potential risk areas throughout the business, implementing processes designed to protect those areas, and relying on a team of experts to monitor, investigate and respond to any incidents that arise. Ultimately, loss prevention is about helping businesses make smart decisions that reduce their risk of becoming victims of fraud or theft.