The highly stochastic nature of wireless environments makes it desirable to monitor link loss rates in wireless sensor networks. In a wireless sensor network, link loss monitoring is particularly supported by the data aggregation communication paradigm of network traffic: the data collecting node can infer link loss rates on all links in the network by exploiting whether packets from various sensors are received, and there is no need to actively inject probing packets for inference purposes. In this paper, we present a low complexity algorithmic framework for link loss monitoring based on the recent modeling and computational methodology of factor graphs. The proposed algorithm iteratively updates the estimates of link losses upon receiving (or detecting the loss of) recently sent packets by the sensors. The algorithm exhibits good performance and scalability, and can be easily adapted to different statistical models of networking scenarios. In particular, due to its low complexity, the algorithm is particularly suitable as a long-term monitoring facility.