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Whatisloss preventionsecurity

Wesley brings three years of writing and on-page SEO experience to the job. When he isn’t writing about loss prevention and asset protection, he’s busy tweeting and hanging with niche site builders, digital marketers, and football pundits. He also loves to watch the NBA. His work has appeared on SaaS sites like SEOblog and FutureofSaaS.

Healthy and safety violations, customer injuries, and violent events all have the potential to cost a company money. In fact, a single liability claim could be more expensive than an entire year’s worth of theft events.

Assets can also be damaged by an employee or business owner by accident or out of negligence. It’s important that all employees take care to rotate older items to the front so they are sold before spoiling. Similarly, care must be taken when moving merchandise to not carelessly damage any items, as this can lead to big losses.

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As a business owner, some legal charges or claims could make you lose your business assets. Some of the charges may come from an accident, for example, a customer filing a lawsuit against your company for slipping on a wet floor.

Protecting people is a second major distinction between asset protection vs. loss prevention. Mitigating and preventing violence is an important part of asset protection because it also reduces the potential for legal liability.

AP focuses on protecting every asset on the store premises. Meanwhile, loss prevention’s sole aim is to spot and prevent every source of inventory shrinkage in a business.

The National Retail Foundation reveals that, in 2021, retail shrinkage was at an all-time high. A shocking $94.5 billion dollars was swallowed up by retail losses.

AP pays attention to every form of asset a business has, which includes cash, raw materials and merchandise, company machines, store interior accessories, employees, and more.

The 2020 National Retail Security Survey reports that in-store businesses experienced a 49.3% increase in fraud in 2020, which amounts to higher rates of loss than online and omnichannel stores. Physical stores are the most vulnerable target for break-ins, shoplifters, and organized retail theft. Hence, they experience higher shrinkage.

Business owners’ reactions to this development were rapid too, as many now turn to effective loss prevention tools to mitigate their possible losses.

Asset protection (AP) includes all measures, strategies, and techniques used by a business to protect its assets from employee theft, shoplifters, and any unforeseen conditions that could have legal claims to the company’s assets, intending to deter loss. This last part is what separates AP from LP.

Businesses such as retail stores, gas stations, restaurants, warehouses, and other physical stores are affected by both internal and external threats, which reduce profit.

While there are differences between asset protection and loss prevention, AP and LP are both risk management strategies used by physical stores to reduce inventory shrinkage and other forms of loss. Both AP and LP require security cameras and other security equipment to remotely monitor the in-store environment and patrol around buildings in person. Lastly, both AP and LP combat factors that cause asset loss/claims and reduce profit.

The difference between asset protection and loss prevention is the scope of work they perform for a business, but oftentimes, people use the term AP/LP to mean the same thing.

Even if loss prevention is often seen as a shield against external factors like shoplifting, break-ins, and organized retail crime (ORC), employee theft is still the dominant cause of business shrinkage. Your employees may commit fraudulent activities from ignorance, negligence, or with full intention. Remember, employee theft can include theft of cash or merchandise, as well as more deceptive tactics such as discount abuse.

AP specialists observe the business premises for noteworthy occurrences that could cause a loss of business assets. They often use cloud-based security technologies to spot unnatural activities going on inside and around the store. They perform technical activities such as analyzing reports and trend thresholds at their assigned location and using radiofrequency identification (RFID) chips to quickly spot theft.

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As mentioned, the difference is in the scope. Asset protection covers a broader set of strategies than loss prevention. AP—often used by big enterprises—is a risk management strategy used for shielding an organization from internal and external theft, protecting the business interests, and deterring litigation and liability claims from customers and employees. Meanwhile, loss prevention—a term often used by smaller businesses—involves the use of technology and processes to avert inventory shrinkage due to shoplifting and employee theft.

As mentioned above, loss prevention is mostly concerned with reducing visible losses such as theft, while asset protection goes beyond this to think about potential costs to a business more holistically.

Library Guides LibraryLibrary GuidesHow to GuidesMakerspaceVR Headset Search this GuideSearch Makerspace: VR Headset Home3D PrintingVR Headset360° CameraBadge MakerMore than books... Getting started with the Oculus Go headset Link your phone to an Oculus Go headset: Note: The Oculus Go headsets need to be paired to a mobile phone. Oculus Go headsets can not be linked to a PC. 1. Download and install the Oculus app on your phone. https://support.oculus.com/183135912238400/ Minimum requirements: Android 6.0 or higher iPhone iOS 10 or higher Bluetooth and WiFi must be enabled 2. Open the Oculus app on your phone 3. Click 'Settings' (bottom right) 4. 'Pair New Headset' > follow on-screen instructions Unlink your phone from an Oculus Go headset: 1. Open the Oculus app on your phone 2. 'Settings' (bottom right) 3. 'More Setting's (if you can't see 'More Settings', tap the headset connected to your phone) 4. 'Factory Reset' - this should remove all of your phone's information from the headset. The headset should now be ready for someone else to link their phone to it. Factory Reset Oculus Go: PLEASE FACTORY RESET THE OCULUS GO BEFORE YOU RETURN IT TO THE LIBRARY PROTECT YOUR PRIVACY AND REMOVE YOUR DATA! To factory reset the device: Turn off the Oculus Go. Hold the power and volume (-) button on the headset down simultaneously until the boot screen loads on your headset (approx. 10-20 seconds). Use the volume buttons on your headset to highlight Factory Reset and press the power button. Borrowing Oculus Go Equipment Availability Oculus Go case Headset with replacement VR cover interface and foam Replacement straps Controller with wrist strap AA battery (for controller) USB to MicroUSB cable Lens cloth Fitted facial interface (mask only - low nose bridge, wide cheek bones) Relaxed facial interface (mask only - high nose bridge, narrow cheek bones) Inergie Power Travel Kit Charger/adapter Four interchangeable plugs (UK, AU, US, EU) NO cables Availability Search for Oculus Go in One Search (Library catalogue). Click on the item Oculus Go Virtual Reality (VR) Headset Click on Townsville or Cairns Results will show how many devices are available to be borrowed Place Hold If you wish to place a hold on an Oculus Go, click "Log in" under the Get It section Log in using your JC number and JCU password Click Place Hold Use the drop down bar to select your location Click Send Request You will be notified by email when the VR headset is ready to be collected. You will need to see staff in the library to collect this item. Borrowing Oculus Go VR Headsets are available for 3 day loan They are unable to be renewed online. You will need to return them to staff in the library (not via the after-hours chutes) and ask to re-borrow the item. See Guidelines for Use for more information on equipment loans. Oculus Go headset Getting started with the Oculus Go Support Safety Warning Oculus Go Support Troubleshooting Oculus Go Oculus Go Health & Safety ManualClick here to access the Oculus Go Health & Safety Manual Oculus Go Help Centre Getting started with Oculus Go Changes for Oculus Go Oculus Go-compatible phones Downloading the Oculus App Using the Oculus Go controller Attaching the lanyard to your Oculud Go controller Wearing glasses with Oculus Go Using the Oculus Go toolbar menu Remove account from Oculus Go Transfer photos and Videos from Oculus Go (Source: Meta) Oculus Go Help Centre Fix a problem with Oculus Go Troubleshooting a charging problem with your Oculus Go Troubleshooting a Wi-Fi connection issue with your Oculus Go Troubleshooting a controller pairing issue with your Oculus Go Finding the serial number for your Oculus Go Removing your data from an Oculus Go you don't have access to Refunding a purchase made on your Oculus Go (Source: Meta) << Previous: 3D PrintingNext: 360° Camera >> Last Updated: May 13, 2024 3:16 PM URL: https://libguides.jcu.edu.au/makerspace Print Page Login to LibApps Report a problem. We acknowledge the Australian Aboriginal and Torres Strait Islander peoples as the first inhabitants of the nation and acknowledge Traditional Owners of the lands where our staff and students, live, learn and work. This work is licensed under a Creative Commons Attribution-ShareAlike (CC BY-SA) 4.0 International License, unless otherwise noted. Content from this Guide should be attributed to James Cook University Library. This does not apply to images, third party material (seek permission from the original owner) or any logos or insignia belonging to JCU or other bodies, which remain All Rights Reserved..

AP/LP professionals employ various strategies to reduce shrinkage in their business, especially brick-and-mortar retail enterprises.

Example ofloss preventionin risk management

Solink is built with AP/LP professionals in mind. We have the tools you need to excel in your profession. Motion and event searches let you see videos of high-risk situations, from people where they shouldn’t be to voids, no sales, and cash returns at the POS.

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To see how Solink can transform your business with loss prevention strategies set up by our seasoned experts, book a free demo.

Asset protection and loss prevention are similar programs with different scopes. AP/LP are the use of strategies, technologies, and professionals to forestall inventory shrinkage, avoid damages, and mitigate liabilities in a business.

This article dives into the key differences between loss prevention and asset protection, highlighting how each approach contributes uniquely to the overall security and efficiency of your business. Stay tuned to unravel these concepts and determine which strategy best fits your organizational needs.

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LibraryLibrary GuidesHow to GuidesMakerspaceVR Headset Search this GuideSearch Makerspace: VR Headset Home3D PrintingVR Headset360° CameraBadge MakerMore than books... Getting started with the Oculus Go headset Link your phone to an Oculus Go headset: Note: The Oculus Go headsets need to be paired to a mobile phone. Oculus Go headsets can not be linked to a PC. 1. Download and install the Oculus app on your phone. https://support.oculus.com/183135912238400/ Minimum requirements: Android 6.0 or higher iPhone iOS 10 or higher Bluetooth and WiFi must be enabled 2. Open the Oculus app on your phone 3. Click 'Settings' (bottom right) 4. 'Pair New Headset' > follow on-screen instructions Unlink your phone from an Oculus Go headset: 1. Open the Oculus app on your phone 2. 'Settings' (bottom right) 3. 'More Setting's (if you can't see 'More Settings', tap the headset connected to your phone) 4. 'Factory Reset' - this should remove all of your phone's information from the headset. The headset should now be ready for someone else to link their phone to it. Factory Reset Oculus Go: PLEASE FACTORY RESET THE OCULUS GO BEFORE YOU RETURN IT TO THE LIBRARY PROTECT YOUR PRIVACY AND REMOVE YOUR DATA! To factory reset the device: Turn off the Oculus Go. Hold the power and volume (-) button on the headset down simultaneously until the boot screen loads on your headset (approx. 10-20 seconds). Use the volume buttons on your headset to highlight Factory Reset and press the power button. Borrowing Oculus Go Equipment Availability Oculus Go case Headset with replacement VR cover interface and foam Replacement straps Controller with wrist strap AA battery (for controller) USB to MicroUSB cable Lens cloth Fitted facial interface (mask only - low nose bridge, wide cheek bones) Relaxed facial interface (mask only - high nose bridge, narrow cheek bones) Inergie Power Travel Kit Charger/adapter Four interchangeable plugs (UK, AU, US, EU) NO cables Availability Search for Oculus Go in One Search (Library catalogue). Click on the item Oculus Go Virtual Reality (VR) Headset Click on Townsville or Cairns Results will show how many devices are available to be borrowed Place Hold If you wish to place a hold on an Oculus Go, click "Log in" under the Get It section Log in using your JC number and JCU password Click Place Hold Use the drop down bar to select your location Click Send Request You will be notified by email when the VR headset is ready to be collected. You will need to see staff in the library to collect this item. Borrowing Oculus Go VR Headsets are available for 3 day loan They are unable to be renewed online. You will need to return them to staff in the library (not via the after-hours chutes) and ask to re-borrow the item. See Guidelines for Use for more information on equipment loans. Oculus Go headset Getting started with the Oculus Go Support Safety Warning Oculus Go Support Troubleshooting Oculus Go Oculus Go Health & Safety ManualClick here to access the Oculus Go Health & Safety Manual Oculus Go Help Centre Getting started with Oculus Go Changes for Oculus Go Oculus Go-compatible phones Downloading the Oculus App Using the Oculus Go controller Attaching the lanyard to your Oculud Go controller Wearing glasses with Oculus Go Using the Oculus Go toolbar menu Remove account from Oculus Go Transfer photos and Videos from Oculus Go (Source: Meta) Oculus Go Help Centre Fix a problem with Oculus Go Troubleshooting a charging problem with your Oculus Go Troubleshooting a Wi-Fi connection issue with your Oculus Go Troubleshooting a controller pairing issue with your Oculus Go Finding the serial number for your Oculus Go Removing your data from an Oculus Go you don't have access to Refunding a purchase made on your Oculus Go (Source: Meta) << Previous: 3D PrintingNext: 360° Camera >> Last Updated: May 13, 2024 3:16 PM URL: https://libguides.jcu.edu.au/makerspace Print Page Login to LibApps Report a problem. We acknowledge the Australian Aboriginal and Torres Strait Islander peoples as the first inhabitants of the nation and acknowledge Traditional Owners of the lands where our staff and students, live, learn and work. This work is licensed under a Creative Commons Attribution-ShareAlike (CC BY-SA) 4.0 International License, unless otherwise noted. Content from this Guide should be attributed to James Cook University Library. This does not apply to images, third party material (seek permission from the original owner) or any logos or insignia belonging to JCU or other bodies, which remain All Rights Reserved..

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.

Understanding the distinct roles of loss prevention and asset protection is crucial for any business aiming to safeguard its resources. While both strategies are essential for minimizing risks and enhancing security, they cater to different aspects of business protection.

Loss preventionin retail

An AP specialist also has to train employees to spot theft, patrol the store, and give detailed reports to law enforcement personnel when needed.

What are the common causes of inventory shrink and loss in retail stores? While shoplifting might come to your mind first, it isn’t the main cause of shrinkage in physical stores. Factors like employee theft and organized retail crime (ORC) are right at the top of the list.

Solink understands the trust placed in our products. We take our responsibility to protect your data very seriously. That’s why we recently attained our SOC 2 Type II certification.

Organized retail crime (ORC) is on the rise. ORC consists of major crime incidents perpetrated by criminal organizations, such as strategic attacks, shoplifting raids, or break-ins. ORC groups move from town to town conducting these operations. It is a costly cause of loss to a business because they often obtain highly expensive goods to resell at flea markets or auction houses. They are also likely to damage your remaining property with careless attacks, unlike individual shoplifters who prefer stealth.

Operational errors occur when employees fail to follow laid down protocols and rules for preventing losses to the business, as well as safety measures to avoid hazardous conditions.

An AP specialist also has to train employees to spot theft, patrol the store, and give detailed reports to law enforcement personnel when needed.

Asset protection takes a broader role beyond preventing shoplifters, employee theft, or ORC from causing shrink in a retail store.

Whatare 5 methods ofloss prevention

Cybercrime is quickly becoming a major cause of loss to brick-and-mortar businesses. With the rapid adoption and integration of digitized technologies in the daily activities of in-stores, some businesses fall prey to cybercrime tactics.

We acknowledge the Australian Aboriginal and Torres Strait Islander peoples as the first inhabitants of the nation and acknowledge Traditional Owners of the lands where our staff and students, live, learn and work.

Supplier fraud, although not common, is still worth mentioning. This is when a business supplier acts in an unethical way to get paid for items that are not delivered. This often happens when there is no supervisor overseeing the delivery process of the supplies to the business. Having two people check every shipping manifest is a great loss prevention tip.

AP pays attention to every form of asset a business has, which includes cash, raw materials and merchandise, company machines, store interior accessories, employees, and more.

This work is licensed under a Creative Commons Attribution-ShareAlike (CC BY-SA) 4.0 International License, unless otherwise noted. Content from this Guide should be attributed to James Cook University Library. This does not apply to images, third party material (seek permission from the original owner) or any logos or insignia belonging to JCU or other bodies, which remain All Rights Reserved.