In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent.

The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain.

A hoax also involves deception, but without the intention of gain, or of damaging or depriving the victim; the intention is often humorous.

Contents

• 1 Cost of fraud
• 2 Types of fraudulent acts
• 3 Elements of fraud
• 4 National Fraud Authority
  • 4.1 Action Fraud
• 5 Notable fraudsters
• 6 Related
• 7 See also
• 8 Notes
• 9 References
• 10 External links

Cost of fraud

The typical organization loses 5 percent of its annual revenue to fraud, with a median loss of $160,000. Frauds committed by owners and executives were more than nine times as costly as employee fraud. The industries most commonly affected are banking, manufacturing, and government.

Noun

fraud (plural frauds)

1. Any act of deception carried out for the purpose of unfair, undeserved and/or unlawful gain.
2. The assumption of a false identity to such deceptive end.
3. A person who performs any such trick.

• (criminal) deceit
• trickery
• hoky-poky
• imposture
• (person) faker, fraudster, impostor, cheat(er), trickster

Fraud is an intentional deception made for personal gain or to damage another individual. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain.

Contents

• 1 Sourced
  • 1.1 Hoyt's New Cyclopedia Of Practical Quotations
  • 1.2 The Dictionary of Legal Quotations (1904)
• 2 See also
• 3 External links

Sourced

• Fraud includes the pretense of knowledge when knowledge there is none.
  • Benjamin Cardozo, Ultramares Corp. v. Touche, 255 N.Y. 170, 179, 174 N.E. 441, 444 (1931).