Fraud is a deliberate act of deception, typically for financial gain, that causes harm to individuals, businesses, or governments. It can take many forms, from small-scale personal scams to large corporate frauds, and it is a serious crime that can have devastating consequences for victims. In this article, we’ll explore the different types of fraud, its impact on society, and how to prevent it.

Types of Fraud

This has also been defined as: An illegal act involving false representations of financial information being prepared for personal gain: the embezzling by an insider of inside money, insider trading and accounting fraud or scheme. Financial fraudster mainly uses his or her expertise in finance or actual financial records to exploit certain opportunities in systems for fraud in amassing money.
Identity Theft Identity theft is that fraud wherein someone, making use of another individual's personal information without anyone's consent, obtains subsequently utilizes the other person's name, his or her social security number or checking account number. It brings in for itself a major damage in terms of money, for identity thieves open the accounts of banks or put loan applications or shop around by making use of somebody else's name.

Credit card fraud Credit card fraud is where someone claims unauthorized access of information on someone's credit card to make fraudulent purchases. This can be in its physical form or online in the form of phishing and data breaches.