Fraud Definition: Fraud occurs when an action is taken against someone without their authorization for the purpose of stealing identity or funds. It’s a deceptive practice where the person or party committing fraud misrepresents themselves as a legitimate company, while taking funds from their victim.
There are different types of fraud where funds are stolen or not paid as required, such as tax fraud, securities fraud, credit card fraud, wire fraud, and other schemes that deceive people online, over the phone, or in person. Fraudulent activities can be done by a group of people, individuals, or a company.
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