Guide To Prevent Fraud In Your Organization

One of the greatest problems in any organization and in our nation is, fraud. It can be committed through any media and is intentional deception for unlawful gain, or to deprive a victim of a legal right.

Have you ever asked? Is this possible in organizations?

As a matter of fact, in any simple act and how small the organization may be, Fraud is possible to take place.

However, it is preventable through internal controls. Businesses should have their internal control system wherein, they could filter and monitor activities, communications, media and other form of transmitting information.

How could you prevent this?

Here is the list you could apply for your FRAUD PREVENTION 101

  1. Multiple layers of approvals and signatures
  2. Require backup information both soft and hard copy
  3. Never pre-sign checks
  4. Segregation of duties
    (One individual should not be responsible for an entire financial transaction)
  5. Conduct constant background checks
  6. Fixed Asset Inventories
  7. Encourage whistleblowers and assure their security
  8. Automated Controls
  9. Educate employees using discussion of fraud risks and internal controls

Committing fraud could lead you to face serious charges. In the Philippines, any person who shall defraud another by any of the means mentioned herein below shall be punished by:

  • The penalty of prison correctional in its maximum period to prison mayor in its minimum period, if the amount of the fraud is over 12, 000 pesos but does not exceed 22, 000 pesos and if such amount exceeds the latter sum, the penalty provided in this
    paragraph shall be imposed in its maximum period, adding one year
    for each additional 10,000 pesos; but the total penalty which may
    be imposed shall not exceed twenty years. In such cases, and in
    connection with the accessory penalties which may be imposed under
    the provisions of this Code, the penalty shall be termed prison
    mayor or reclusion temporal, as the case may be.
  • The penalty of prison correctional in its minimum and medium periods, if the amount of the fraud is over 6,000 pesos but does not exceed 12,000 pesos
  • The penalty of arrest mayor in its maximum period to prison
    correctional in its minimum period if such amount is over 200 pesos
    but does not exceed 6,000 pesos


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