Loss Prevention
Why are Loss Prevention Services Important?
Each year, retail crime costs businesses close to $5 billion. Independent stores present a particularly vulnerable target, with 87.5 percent of independent retailers reporting at least one incidence of theft per year. In today when budgets are being squeezed, Michigan retailers can proactively safeguard their profits by ensuring they have a robust loss prevention strategy in place.Loss prevention services play a vital role in safeguarding businesses and individuals from a wide range of risks and threats.
Defending Against Losses: Strategies For Protection
Loss prevention refers to the set of strategies, practices, and measures implemented by businesses and individuals to minimize the occurrence of various types of losses, including financial, physical, and informational losses. These losses can arise from theft, fraud, shoplifting, employee misconduct, cyberattacks, data breaches, inventory shrinkage, and other risks.
As retail losses due to criminal behavior grow, loss prevention is top of mind for many retailers. Is your security provider offering the level of service and reliability you expect? If not, it’s time to work with JBI Securities.
JBI Securities highly trained loss prevention team is an expert in retail loss prevention, shrinkage reduction, and non-violent crisis intervention. No matter the size of your retail store, we can build a custom security plan that’s designed to maximize your coverage while working within your existing security protocols.
Potential risks and consequences of not implementing proper loss prevention measures
- Financial Losses: Businesses may suffer financial losses due to theft, fraud, inventory shrinkage, and other security breaches. Individuals may experience financial losses due to identity theft or fraud.
- Legal Consequences: Businesses failing to protect customer data and sensitive information may face legal action, resulting in hefty fines and legal fees.
- Reputation Damage: Security incidents can damage a business's reputation, leading to decreased customer trust and loyalty. Individuals might face reputational damage if their personal information is compromised.
- Personal Harm: Individuals could experience personal harm due to identity theft, fraud, or physical security breaches.
Typical Duties of a Loss Prevention Security Guard
- Retail theft prevention
- Report writing
- Access point control
- Discreet observation of potential threats
- Non-violent crisis intervention
- First aid response
- Frontline response to emergency situations
- Maintain public order within the store
- Preventing internal theft
- Monitoring CCTV in-store
- Building up cases for the successful prosecution of ORC
members and frequent offenders
Where are Loss Prevention Staff Typically Used?
Loss Prevention security guards offer a flexible and dependable deterrent to crime. Whether deployed as door greeters, undercover or patrolling the store, they are constantly assessing their environment for signs of threats, before dealing with them in a discreet and professional manner. At JBI Securites, we’ve partnered with the following types of businesses to provide loss prevention services:
- Grocery stores
- Department stores
- Clothing Stores
- Electronics Stores
- Jewelers
- Shopping Malls
- Luxury Retailers
- Sporting Goods Stores
Loss Recovery
Retail stores suffer loss every day, not only from outright theft, but also from the cost of protecting themselves and pursuing the shoplifters. Although Civil laws enable retailers to recover money damages above and beyond merchandise, bringing offenders to justice can be difficult and costly. The loss prevention skills of JBI Securities culminate in a civil recovery practice that delivers timely and cost-effective results.
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