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What is Fraud?

Fraud is a crime. It involves deception and misrepresentation in order to make money. Deception could involve manufacturing counterfeit credit cards or padding up insurance claims, or making false claims to receive mortgage loans you wouldn’t have received otherwise.

Fraud costs hundreds of millions of dollars a year in damages and affects hundreds of millions of people. Unfortunately, no one is completely safe from being defrauded. But knowing how to recognize a fraud, like a bank fraud or an investment fraud, will better help you protect yourself and your finances.

As more and more people opt for online banking and paying their bills online, it’s a good idea to find out What is Internet Fraud? And ways to better protect yourself from fraudsters lurking on cyberspace.

Learn more about the less common frauds and how to prevent them from happening to you. Less common fraud schemes include:

 

  • Distributorship and Franchise Fraud
  • Home Improvement Fraud
  • Telemarketing Fraud
  • Land Fraud

If you're wondering the motives behind all these fraud schemes, read our article The Psychology of Fraudsters. And find out the different reasons why fraudsters come after your money.

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Fraud causes hundreds of millions of dollars in damage each year and affects just as many people.

Credit card fraud is the most common type of fraud to occur each year and cost its victims up to $500 million dollars in damages each year. Despite the frequent occurrence of this type of fraud, millions of credit card users are still unaware of how to protect themselves against this type of thievery.

No one is completely safe from being defrauded. But, by learning how to protect against fraud, you will be better equipped to prevent yourself from falling into a scam that could cost you everything. Taking the time to protect yourself can help to keep you safe.