Fraud definition
Fraud refers to the intentional deception or dishonesty used to gain an unfair advantage. It involves acts meant to mislead or deceive others, typically for personal or financial benefit, and can take many forms across various industries and situations.
See also: anti-fraud system, auction fraud
Types of fraud
- 1.Identity theft. Using another person's personal information, like Social Security numbers, to commit fraud.
- 2.Financial fraud. This includes embezzlement, insider trading, and securities fraud, where individuals or companies deceive others for financial gain.
- 3.Insurance fraud. False claims made to insurance companies, either by overstating damages or submitting fraudulent claims.
- 4.Cyber fraud. Includes phishing, hacking, or other online schemes that deceive people or organizations into sharing sensitive information.
- 5.Credit card fraud. Unauthorized use of a person's credit card information to make purchases or withdraw funds.
- 6.Healthcare fraud. Filing false healthcare claims, overcharging for services, or billing for services not provided.
- 7.Tax fraud. Deliberately falsifying information on tax returns to avoid paying taxes or claiming undue refunds.
- 8.Consumer fraud. Scams aimed at deceiving consumers, such as counterfeit products, pyramid schemes, and deceptive advertising.
- 9.Mortgage fraud. Misrepresentation of information by a borrower or lender to obtain a loan or advantage in a property transaction.
- 10.Payroll fraud. Manipulating payroll systems to gain unauthorized benefits, such as falsified overtime or fictitious employees.
