Loss prevention is any practice designed to reduce a business's losses from theft, fraud, and operational errors. The goal of loss prevention is to eliminate preventable loss and preserve profits. It's primarily found in retail, but also exists in other business environments.

Loss prevention (LP) is a tactical measure employed by business owners to reduce shrinkage by stopping shoplifters, monitoring employees, and preventing organized retail crime (ORC) invasions that cost businesses money. LP's primary goal is to avoid the loss of company goods or assets in a physical domain.

Loss prevention is a common component of retail and includes practices that businesses use to preserve their bottom line. Sometimes referred to as retail asset protection or profit prevention, loss prevention is any organizational activity that is specifically implemented to minimize preventable losses.