Financial Fraud : An Intentional Act Of Deception Involving Financial Transactions

1850 Words Dec 15th, 2015 8 Pages
In the last year, approximately $32 billion was lost to various fraudulent activates, and it has increased by 38 percent since 2013. These activates range from minor crimes like Skimming to major ones such as Identity Thief, but they fall under the term Financial Fraud. Financial fraud can be broadly defined as an intentional act of deception involving financial transactions for purpose of personal gain. Fraud is a crime, and is also a civil law violation. Many fraud cases involve complicated financial transactions conducted by 'white collar criminals ' such as business professionals with specialized knowledge and criminal intent. Financial Frauds are dangerous and can cause harm to everyone no matter how prepared you are. They can affect you in great way and leave you with little or money if not stop. There are many form of fraud and they affect many different people, this paper is to inform you in the risk and the different types of frauds there are, and give certain tips on how to avoid them and be safe from them.
It is not possible to count every possible type of fraud. Someone has developed a new variety since you asked the question. Some are felonies. Some are not. Some are felonies in some places and not in others. Some can be felonies or not be felonies in a single jurisdiction depending on the amount involved. But I will only focus on three of them in this paper.
The first one will be Identity theft, one of the most well know form of fraud. According to the FBI…

More about Financial Fraud : An Intentional Act Of Deception Involving Financial Transactions

Open Document