Fraud , simply put, is unlawful gain acquired by deceit or trickery. Most types of fraud involve swindling of money from the victim in one way or the other. That fact isn't too surprising, given the fact that people these days can do almost anything to increase the size of their coffers.

Credit card fraud is one of the most reported types of fraud now-a-days. In this, the credit card of the victim is stolen, and a forged signature is used to make purchases from various places. Committing identity theft by impersonating a particular person and using his personal details for illegal purposes is also a means of fraud. Fabricating data or passing off other people's work as your own is an example of academic fraud. Indeed, fraud has its tentacles spread in almost every branch of society. Fraud results in heavy loss for all the parties involved- a report estimated the loss due to fraud in Great Britain alone to be a little over 13 billion pounds per year. Apart from monetary losses, people suffer emotional trauma, and the police end up spending days and months in an effort to round up the accused.

The Ponzi scheme, engineered by Charles Ponzi, is an extremely well known example of fraud. Most securities frauds promise extremely attractive rate of returns for money invested, far above the prevailing market rates. When many people put their money in, the persons concerned vanish with the money, leaving the investors to bang their head against the wall in vain. Germany tops the list for the maximum number of frauds in the world, with the USA coming second and the UK in third place.

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What is fraud? Things to look out for provides a useful insight into what fraud is, and how you can easily be fooled by someones appearance or expertise. ~  [ Read more ]