1. Insurance Terms & Definitions/
  2. Insurance Terms Starting With F


What is Fraud?

Fraud is a term that may refer to a variety of criminal activities, generally involving the intentional deception of another person or entity for monetary or other gain. Fraud can be committed against individuals, companies, governments, and other entities. It is one of the most common forms of white-collar crime and can have serious financial, legal, and reputational consequences.

Fraud in More Detail

The definition of fraud depends on the context in which it is used. In a legal context, fraud is defined as an intentional act of deception for the purpose of obtaining something of value. This includes false statements, misrepresentation, or deception in order to obtain money, property, services, or any other benefit.

Fraud can also refer to a type of business practice that involves intentional deception in order to gain an unfair advantage over the competition. This type of fraud often involves false, misleading, or false advertising, price manipulation, and other tactics designed to deceive buyers or sellers.

Fraud may also refer to identity theft, which is the illegal use of another person’s personal information, such as their Social Security number or bank account details, in order to gain access to their funds or accounts.

In any context, fraud is a serious crime that has significant legal and financial consequences. If you believe you have been a victim of fraud, it is important to report it to the authorities and take steps to protect yourself from further harm.