Thief Economic Crime

THEFT
BY:
CARLA S. LIM
OBJECTIVES
- TO KNOW THE ELEMENTS OF THEFT
- TO DEFINE THE DIFFERENT TYPES OF THEFT
- TO DETERMINE THE POSSIBLE EFFECT OF

THEFT IN OUR ECONOMY.
WHAT IS THEFT?
• According to Article 308 of the Revised Penal Code
(RPC) of the Philippines, theft is committed when —
without using force, intimidation, or violence, — a
person takes personal property belonging to another
without consent..
• This offence has five main elements that are used to

establish it as a criminal offence. These
are: appropriation, property, property belonging to
another, dishonesty, and the intention to permanently
deprive.
Philippine jurisprudence dictates that the elements of
theft are:
1. the taking of personal property;
2. the property belongs to another;
3. the taking away was done with intent of gain;
4. the taking away was done without the consent of

the owner; and
5. the taking away is accomplished without violence

or intimidation against person or force upon things
WHAT IS THE DIFFERENCE BETWEEN
SIMPLE THEFT WITH QUALIFIED
THEFT?
the basic principles remain the same, the crime becomes
qualified theft if:
• The crime is committed by a domestic servant; or
• The crime is committed with grave abuse of confidence; or
• The stolen property is a motor vehicle, mail matter, large cattle,
coconuts taken from a plantation, fish taken from a pond or
fishery; or
• The property is stolen during a fire, earthquake, typhoon,
volcanic eruption, vehicle accident, civil disturbance, or any
other calamity.
EMPLOYEE
THEFT
EMPLOYEE THEFT
Internal theft also is referred to as employee

theft, pilferage, embezzlement, fraud, stealing, peculatio
n, and defalcation. Employee theft is stealing by
employees from their employers. Pilferage is stealing in
small quantities. Embezzlement occurs when a person
takes money or property that has been entrusted to his
or her care; a breach of trust
occurs. Peculation and defalcation are synonyms for
embezzlement. Whatever term is used, this problem is
an insidious menace to the survival of businesses,
institutions, and organizations.
KINDS OF INTERNAL THEFT
• PETTY THEFT
Many workers mistakenly believe that walking out of the office with a couple of pens,
notepads or printing supplies doesn't count as theft. Pilferage, or petty theft, can be
costly for small businesses and cause inventory shrinkage in the long run. For
example, a truck driver who steals boxes or crates from every shipment could cost a
company thousands of dollars in lost revenue and delays.
• DATA THEFT
Data theft is often associated with hackers and cutting-edge software that can crack
passwords in an instant. That's not always the case, though. According to the
Varonis 2019 Global Data Risk Report, about 50 percent of the companies surveyed
had over 1,000 sensitive files and 22 percent of all folders available to every
employee.
Insider data theft can ruin a company's image and lead to hefty fines or lawsuits. It
can also hamper marketing efforts, resulting in lost revenue. Someone in your team
could be selling trade secrets, credit card numbers or contact lists to a third party
right now. The average cost of an insider attack is over a half-million dollars, reports
the Ponemon Institute.
• CASH LARCENY
Another common type of internal theft is cash larceny, which involves stealing
money that has already been recorded in a company's books. Like other fraud
schemes, it can take many forms, such as altering cash accounts, stealing cash
from the register, or altering the register tape. Fraudsters may also write personal
checks to cover the balance.
• CASH SKIMMING FRAUDS
Cash skimming frauds go undetected for about 18 months, according to the ACFE.
They account for about 20 percent of all fraud cases affecting small companies and
8 percent of cases occurring in large organizations. Unlike cash larceny, this type of
fraud involves stealing cash before it's recorded in the company's books.
Sometimes, it involves the theft of checks.
• DISBURSEMENT FRAUD
Disbursement fraud is one of the most common types of asset misappropriation

and may include billing or payroll schemes, expense reimbursement schemes,
check tampering and more.
• TIME THEFT
Accepting pay from an employer for hours not actually worked.
Time theft occurs when an employee is not working while at work, or they are
not at work when they are supposed to be. This ranges from “shirking” (avoiding
responsibilities) to outright fraud (for example, time clock theft)
IDENTITY
THEFT
Identity theft is when someone uses another person’s
financial or personal data, usually for monetary gain.
This means a fraudster may take sensitive information
like names, birthdates, Social Security numbers,
driver’s license details, addresses, and bank account
numbers or credit card numbers. They might then use
this information to make purchases, open credit cards,
and even use health insurance to get medical care.
TYPES OF IDENTITY THEFT
• Financial identity theft
Financial identity theft is when one person uses another’s personal data for
financial benefit. This is the most common form of identity theft (including the
credit card example described above). Financial identity theft can take multiple
forms, including:
Fraudsters may use your credit card information to buy things. We all love
to shop online — even criminals. Unfortunately, this issue has become
especially prevalent thanks to online shopping during the COVID-19 pandemic.
Hackers may steal funds from your bank account. Sometimes, the amount
might be so small that it seems inconsequential, totaling just a few dollars.
However, criminals can rack up millions in damages if they target enough
people in this way.
Criminals may open new accounts using your Social Security number
and other data. For example, a person may use your data to open a new line
of credit. They then run through the credit line, leaving you to foot the bill.
• Medical identity theft
This might not seem like a real form of identity theft, but it happens. Medical
identity theft is when a criminal poses as another person to obtain health care
services. In fact, fraudsters may use your name and insurance information to:
Get prescriptions for drugs.
Access medical services, from checkups to costly surgeries.
Obtain medical devices and supplies, such as wheelchairs or hearing aids.
• Criminal identity theft
Criminal identity theft occurs when a person arrested by law enforcement uses
someone else’s name instead of providing theirs. They might be able to pass this
off by creating a fake ID or using a stolen ID, like your driver’s license, to show to
the police. This type of fraud can be difficult to detect until the consequences are
evident, like:
A background check is issued. Sometimes, police will keep an identity theft
victim in their database, noting it as an alias for the real criminal. This can result in
a false criminal record showing up on your background check. This can cause
problems with potential landlords and employers.
• Synthetic identity theft
Fraudsters may use data like birthdates, addresses, and Social Security
numbers from real people, blending them to create a fake profile. They can then
use this persona to apply for loans or credit cards or commit other financial
crimes. Kids and older adults tend to be vulnerable to this type of fraud.
• Child identity theft

We all want to protect our children from bad actors, especially when it comes to
identity theft. Child identity theft involves using a minor’s information to commit
financial fraud, like opening a new account or line of credit under the child’s
name. The thief may even use the child’s identity to get a driver’s license, apply
for government benefits, or buy a house. This is often easier than targeting an
adult because most kids don’t have credit reports or financial accounts, making
them a clean slate.
IMPACT OF THEFT IN
OUR ECONOMY
• As much as $68.9 billion worth of products were stolen from retailers in 2019 (pre-
COVID).
• Retail crime results in $125.7 billion in lost economic activity and 658,375 fewer
jobs, paying almost $39.3 billion in wages and benefits to workers.
• Retail theft costs federal and state governments nearly $15 billion in personal and
business tax revenues, not including the lost sales taxes.
• The damage done by employee theft is the cause of nearly a third of business
bankruptcies. To cover the losses caused by employee theft, a company may have
to lower payroll by releasing employees, delaying key personnel promotions, and
putting company expansion plans on hold.
• Theft can be classified as stealing material items, submitting time sheets for hours
that were not worked, embezzling funds and any other form of employee fraud. The
average company loses as much as 5 percent of its annual revenue to fraud,
according to the Association of Certified Fraud Examiners website. Only 2.6 percent
of employee fraud cases are caught by company monitoring systems, while 40.2
percent of fraud cases are revealed through a tip from staff members to
management.

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THEFT

- TO KNOW THE ELEMENTS OF THEFT

- TO DEFINE THE DIFFERENT TYPES OF THEFT

- TO DETERMINE THE POSSIBLE EFFECT OF

• This offence has five main elements that are used to

1. the taking of personal property;

2. the property belongs to another;

3. the taking away was done with intent of gain;

4. the taking away was done without the consent of

5. the taking away is accomplished without violence

Internal theft also is referred to as employee

• CASH SKIMMING FRAUDS

Disbursement fraud is one of the most common types of asset misappropriation

Accepting pay from an employer for hours not actually worked.

• Financial identity theft

• Criminal identity theft

• Child identity theft

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