No one ever wants to do business with the wrong people. A business failure is not a simple loss, like when you lose your wallet on the way to work. A business investment involves many years of effort and hard work. All the assets and the financial stability that a business owner has acquired throughout the years can be put at risk if the deal is fraudulent. Neither experienced investors or beginners can afford losing money, time and peace of mind in a bad deal.  Getting clear evidence ahead of time is critical to success.

Philippine PI investigators have a lot of experience helping companies and investors with due diligence and business investigations in the country, and they have these tips to offer to those thinking of doing business in the Philippines.

Fraud has many different faces

It is important to recognize that fraud can come from anywhere, including -but not limited to- business partners, staff members, customers, suppliers, and third parties unconnected to the business. Taking this into consideration is important to know that every person connected to the company should be verified, either through a Philippines background check investigation or in higher profile cases through due diligence.

There is no single solution to fraud

From the start, fraud can seem complicated and difficult to understand, as criminals use a variety of tools and techniques. No one can provide a single solution to prevent all business fraud, but there are different ways to protect yourself, your staff and your business.

Identify and target your business vulnerable areas

The first step to mitigate risk is to have clear protocols and to be able to communicate them to every staff member. Imagine how a fraudster might target your business, both internally and externally, and test the systems you already use to reduce risk. Make sure you and your staff know those systems and regularly review them. When everyone knows what they should and should not be doing, and when the business has checkpoints and different people involved in those checkpoints, it is harder to get through with fraud.

Hire professional help

Another important step is to hire professional investigators on the ground in the Philippines to find reliable evidence when entering a new deal or when recruiting new people. Knowing who you deal with is crucial to avoiding fraud. And in order to know these people you need to verify their claims, employment, education, reputation and criminal and court records. When you understand who you do business with you can spot any business request or transaction that looks wrong for that customer or supplier and may be fraudulent.

An experienced investigator can also help you determine what type of investigation is best and in which cases a deeper look is necessary. Some business investigations require surveillance or assets searches, so it is important to be well advised.

C. Wright
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