FRAUD
In the broad sense, fraud can encompass any crime for gain that uses deception as its principal 'modu operandi'.
Under the common law there are four general elements that must be present for a fraud to exist:
1. A material false statement.
2. Knowledge that the statement was false when it was uttered.
3. Reliance on the false statement by the victim.
4. Damages resulting from the victim's reliance on the false statement.
While all frauds involve some form of deception, all deceptions are not necessarily frauds.
Types of fraud:
- Financial statement fraud
- Asset misappropriation:
- cash theft
- skimming
- fraudulent disbursments: cheque tampering, false invoicing scheme, expenses claim schemes, cash register disbursement scheme
- stock
- Bribery and corruption
- Intelectual property fraud
- Financial institution fraud
- Cheque, bank and banknote fraud
- Plastic card fraud
- Insurance fraud
- Insolvency fraud
- Securities fraud
- Consumer fraud
- Computer fraud
- Internet fraud
- Public sector fraud
- Contract and procurement fraud