Fraud : A Civil Wrong And A Criminal Wrong

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What is a Fraud? A fraud is when one party deceives or takes unfair advantage of another. A fraud includes any act, omission, or concealment, involving a breach of legal or equitable duty or trust, which results in disadvantage or injury to another. In a court of law it is necessary to prove that a false representation was made as a statement of fact that was made with the intent to deceive and to induce the other party to act upon it. It must be proven that the person who has been defrauded suffered an injury or damage from the act. Fraud is considered a civil wrong and a criminal wrong. A civil wrong is when one person commits a wrongful act on another person that harms them physically, financially, or mentally. Criminal wrong is…show more content…
The second issue in my financial fraud paper is issue on the need to strengthen fraud security measures. This is important because of the new regulations such as the SOX or Dodd Frank act people are finding new ways to pull off financial frauds on new unexpected victims. The third financial issue that I have found is the increase in financial frauds against the elderly.
Financial fraud is becoming more prevalent in today’s society. Determining what fraud is becoming more prevalent can usually be determined on how the market is or what’s going on in society. One specific case that I found from American Banker website is that phone banking scams has risen thirty percent even after all the new regulations that are in place. The reason for this can be because over the phone people can be anonymous therefore they believe that the likelihood of them getting caught even if the scam gets flagged is low.
. Bank fraud has been around for decades but what differs in todays banking fraud is the rise in phone scams in the banking field. In today’s society business and everyday banking needs are being taken care of either over the phone with call centers or with the use of an app. This leaves vulnerability for scams to happen because the employees of the call centers are not fraud experts so they cannot tell when they are being swindled. Using this issue
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