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Fraud And Corruption In The United States

Decent Essays
Fraud and corruption remains prevalent even in a world as advanced as today. Certain deals come to form via under-the-table deals, added bonuses for certain individuals or even corporations in whole hiding irregularities or issues amongst technical jargons and insipid figures.
What is Fraud?
Based upon a simple Google search, fraud is a wrongful or criminal deception intended to result in financial or personal gain. In other words, it is the abuse of position, or false representation, or prejudicing someone’s rights for personal gain. Put simply, fraud is an act of deception intended for personal gain or to cause a loss to another party. Fraud (including FFR – Fraudulent Financial Reporting) is a dominant white collar crime in today’s business environment (Palshikar, 2002).
The general criminal offence of fraud can include: deception whereby someone knowingly makes a false representation, or they fail to disclose information or they abuse a position. Fraudsters are always finding new ways to trick you out of your money. You could find yourself targeted through emails, phone calls, letters, social networking sites or even chat rooms.
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Almost similar to fraud, corruption is the misuse of public power by an elected politician or appointed civil servant for private gain. The broader definition covers not only the politician and the public servant, but also the CEO and CFO of a company. Major corruption comes close whenever major events involving large sums of money or huge quantities of products often in disaster situations, are at stake. Sometimes, corruption flourishes in situations involving high technology, or in situations that are chaotic.
With the basic understanding of the definitions and fraud and corruption in a nutshell, we can then finally move on to the literature review whereby we explain the apparent existence of fraud and corruption in Malaysia and how it has effected the Malaysian
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