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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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In 2003, more than 10 million Americans fell victim to identity theft.

Identity theft costs business and individuals $53 billion dollars annually

In 2003, Americans spent 300 million hours resolving issues related to identity theft.

70% of all identity theft cases are perpetrated by a co-worker or employee of an affiliated business.