Wednesday, December 16, 2009
What does fraud mean?
According to the Oxford Advanced Learner’s Dictionary, it is the crime of deceiving somebody in order to get money or goods illegally. It also refers to a person who pretends to have qualities or abilities that he does not really have, in order to deceive other people. At times, it refers to something that is not as good or useful as claimed.
In commercial transactions, fraud vitiates what would otherwise be a valid and enforceable contract. This involves considerations relating to burden of proof which would be better understood in the context of a real-life situation.
This definition of fraud is taken from www.thestar.com.my
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There are many kinds of fraud that can be found, example like insurance fraud, affinity fraud, wire fraud, intrinsic fraud, affiliate fraud, constructive fraud, consumer fraud or credit card fraud...
Civil fraud is misrepresentation of a material fact which unlawfully causes damage. In some situations it can be the failure to disclose a fact (an omission) which the law requires to be disclosed. Civil fraud is divided into statutory violations (e.g. federal or state securities fraud) and common law violations (fraud, misrepresentation, and deceit). It overlaps other areas of civil law such as consumer protection, investor protection, and business regulation. Criminal fraud is theft or embezzlement in violation of a specific statute. (edirectory.business.com.my)