WITH the Covid-19 pandemic, the Philippines, among other countries, experienced a rapid shift toward digitalization as health and safety protocols encouraged, if not mandated, stay-at-home arrangements. This gave rise to the utilization of online banking and other digital channels by businesses and consumers. Consequently, this digital shift led to a surge in fraud and cybercrimes in the country. In fact, the Bankers Association of the Philippines estimated a loss of over P1 billion due to digital fraud during the previous year.
Fraud, as defined in Black's Law Dictionary, is a knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment. Accordingly, it includes any intentional or willful act to deprive another of property or money by wile, deception, or other arbitrary means. Businesses and individuals alike are at risk of falling victims to different types of fraud, and one way of looking out for these is having awareness of the most common types of business fraud that may transpire. The Association of Certified Fraud Examiners classifies fraud against a business into either internal fraud or external fraud.
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