Fraud

Fraud can be described as a consciously dishonest and/or illegal act done generally for personal gain, or to afflict another. Fraud can violate civil law, and cause the loss of cash, property, or other legal rights.


Fraud Analyst

A fraud analyst is someone who investigates forgery and theft within customers' accounts and transactions on behalf of a bank or a financial institution. They track and monitor the bank's transactions and activity that comes through the customers' accounts.


Fraud Definition

Fraud is defined generally as the wrongful or criminal act to deceive someone for one's own financial or personal gain. Legal definitions of fraud vary across countries, at the federal and state levels in the US, and even among states, but most have, at their core, the use of deception to make a gain by unlawful or unfair means. Many types of fraud exist, including occupational, operational, investor, accounting, credit card and insurance fraud, but all forms share the fact that the perpetrator knowingly receives a benefit to which they're not rightfully entitled. The purpose of fraud may be financial gain but also covers the acquisition of other benefits, such as obtaining a driver's license, a passport or other travel documents, or qualifying for a mortgage by using falsified documents or making false statements.


Fraud Department

Insurance corporations, banks, shops, and a mass of other companies employ fraud analysts to identify and prevent fraudulent activities, and if an organization dedicates a group of their employees to this task, they are known as a company's "fraud department". 


Fraud Detection

Fraud detection is a set of activities undertaken to prevent money or property from being obtained through false pretenses. Fraud detection is applied to many industries such as banking or insurance. In banking, fraud may include forging checks or using stolen credit cards.


Fraud Examiner

A fraud examiner is a highly qualified professional who investigates cases of criminal and civil fraud. Fraud examiners can be certified to prove their expertise within the field of fraud and fraud prevention.


Fraud Filter

A fraud filter is a tool you can add to your e-commerce shop to prevent potentially fraudulent orders from processing in your store. Depending on how you set up the fraud filters, it will either warn you of a potentially fraudulent transaction or cancel an order entirely.


Fraud Guidelines

Fraud Guidelines are the practical guidelines put in place to help prevent, detect, and investigate any type of fraud that may occur within a business's dealings.


Fraud Jobs

Fraud jobs are the category of jobs that work in the fraud field, such as a fraud specialist, forensic accountant, forensic audit manager, forensic director, senior auditor, risk assurance and risk analyst, audit consultant, forensic service manager or a forensic auditor.


Fraud Lawyers

Fraud Lawyers are lawyers who practice law in the criminal fraud and civil areas. These lawyers assist companies who have been affected by fraud performed by their employees or other party by performing internal investigations, collecting proof, and communicating with the authorities as well.


Fraud Managed Services

Fraud Management Services are defined as the associations that provide support in reviewing and resolving all potential fraudulent operations of a company, assisting the company in the immediate cancellation and then refunding of illicit purchases. These associations conduct ongoing anti-fraud investigations to create innovative fraudulent policies to increase controls.


Fraud Prevention

Fraud prevention refers to the practices, processes, and tools which are utilized in the prevention of fraud and that may occur in different online transactions, exchange of services, and input of information. In order to prevent fraud, a third-party solution can also be utilized. Preventing fraud is an important task for both organizations and online users.


Fraud Prevention Software

A number of merchants incorporate fraud protection software within their loss-prevention approaches. These automatic software programs support the companies to identify hazardous transactions in real time and decrease the amount of consumer fraud that occurs. Through an algorithm, the fraud protection software scans transactions, and uses previous transactional facts to uncover any potential risks and then marks the transactions to be further investigated.


Fraud Prevention Specialist

A Fraud Prevention Specialist is a person in a company who has the responsibility of taking care of certain assets and ensuring they remain protected from any potentially fraudulent actions. Their goal is both to detect any fraud occurring and then to also stop it.


Fraud Response Plan

A Fraud Response Plan is a policy aimed at ensuring that effective and timely action is taken in the event of fraud occurring. A Fraud Response Plan gives employees the details of the entire procedure for reporting any suspected fraud, defines the actions that the company needs to take and also defines authority levels, responsibilities for action, and reporting lines in the event of a suspected fraud or irregularity.


Fraud Ring

A Fraud Ring could be described as an organization which performs activities with the intention to defraud or take advantage of other people. A fraud ring might be involved in any kind of forgery, creating fake claims, stealing a private identity, or even counterfeiting checks and currency as well.


Fraud Risk Assessment

A fraud risk assessment is a tool used by business management to identify and understand risks to their business and weaknesses in controls that present a fraud risk to the organization. Once a risk is identified, a plan can be developed to mitigate those risks by instituting controls or procedures and assigning individuals to monitor and effectuate the plan of mitigation.


Fraud Risk Profile

There are two types of Fraud Risk Profiles: that of employees who abuse company assets to obtain personal benefits, and that of people who create the fraud plan in order to give the impression that will make the company look more profitable than it really is.


Fraud Schemes

Fraud Schemes are schemes that fraudsters have created to execute a criminal or fraudulent scenario, in order to obtain the personal benefits derived from it. Corruption, money laundering, skimming cash, and more are all fraud schemes.


Fraud Score

A Fraud Score is an informational tool that helps you gauge risk involved with orders before processing them by identifying traits and historical trends associated with suspicious behavior and fraudulent orders. Fraud detection is a set of activities undertaken to prevent money or property from being obtained through false pretenses. Fraud detection is applied to many industries such as banking, insurance, and e-commerce. This means techniques such as real-time monitoring for frauds is recommended.


Fraud Screening

Fraud Screening generally refers to a checking system that identifies potentially fraudulent transactions. Fraud screening helps reduce fraudulent credit card transactions, reduce the number of manual reviews, minimizes risky sales, and improves a company’s bottom line.


Fraud Statistics

Fraud Statistics are reports produced by companies and organizations that detail things like the numbers of fraudulent transactions that have occurred in a period, what kinds of fraud took place, and anything else related to data on fraud. These fraud statistics are used to figure out how much and what kind of fraud occurs, so that a better preventative plan can be created to mitigate the impacts of fraud.


Fraud Triangle

The Fraud Triangle is a simple framework that is useful to understand a worker's decision to commit workplace or occupational fraud. The fraud triangle consists of three components (sides) which, together, lead to the workplace fraud, and are: 1) a financial need, 2) a perceived opportunity, and 3) a way to rationalize the fraud as not being inconsistent with their own values. The Fraud Triangle is a common teaching aide and metaphor that has been used for decades.


Fraud Upon The Court

Fraud on the court occurs when the judicial machinery itself has been tainted, such as when an attorney, who is an officer of the court, is involved in the perpetration of a fraud or makes material misrepresentations to the court. Fraud upon the court makes void the orders and judgments of that court.


Fraud vs Abuse

Fraud is defined as an intentional deception or misrepresentation made by a person with the knowledge that the deception could result in some unauthorized benefit to himself or some other person. Abuse is defined as provider practices that are inconsistent with sound fiscal, business, or medical practices. It is the actual intention behind these actions that truly differs fraud and abuse.


Fraud vs Forgery

Fraud denotes any kind of practice of dishonesty of a person or a company for financial advantage. It is generally considered a well-thought-out crime by the law. On the other hand, forgery is essentially concerned with a produced or altered object. Fraud is the crime of deceiving another, which may be performed through the use of objects obtained through forgery. Forgery is a common technique in fraud schemes, where the fraudster uses forged documents in order to gain access to information or materials they should not truly have access to.


Fraud vs Theft

Fraud can be defined as when a person deceives others in order to personally benefit themselves. The main objective of fraud is to get money or other valuable items from somebody without their permission. On the other hand, theft occurs when a person or entity takes money or property without permission, or uses them in an illicit manner, with the intent to gain a benefit from it. Performing a fraudulent scheme is generally a step taken to steal something from another.


Fraud Waste and Abuse

Fraud Waste and Abuse is typically a term most commonly used in government and healthcare and refers to several types of negligent and possibly criminal behavior. As defined by United States Code 1347, Fraud is “knowingly and willfully executing, or attempting to execute, a scheme or artifice to defraud any health care benefit program; or to obtain, by means of false or fraudulent pretenses, representations, or promises, any of the money or property owned by, or under the custody or control of, any health care benefit program.” It is illegal to knowingly submit false information in order to receive a monetary or other benefit, the definition of fraud. Waste and abuse, on the other hand, do not require intent and knowledge of wrongdoing. Abuse might take the form of a payment for items or services that have no substantiated basis for payment and/or for which the provider has not knowingly or intentionally tried to get paid. Waste usually refers to the inefficient use of services and is generally not the result of criminal negligence.


Fraud Waste and Abuse Policy

Fraud Waste and Abuse Policy is the set of policies that a business or organization likely have in place so that if fraud or waste occurs within that entity, it has a set of procedures in place to deal with the effects of that fraud or abuse.


Fraud Waste and Abuse Training

Fraud Waste and Abuse Training is training that helps you to understand the definitions of fraud, waste and abuse, identify the principles underlying state and federal laws associated with fraud, waste and abuse, and understand the importance of responsibility for preventing fraud, waste and abuse.


Fraudulent Apps

Fraudulent apps are apps that say they provide some kind of service or entertainment, but their actual purpose is to download malware onto a device, or to discretely attain sensitive information. Some fraudulent apps completely emulate authentic apps, with the intention of tricking people into thinking they are using the real application.


Friendly Fraud

Friendly Fraud can take many forms, but typically involves an actual consumer obtaining goods or services from a merchant, then claiming they did not make the purchase, did not receive the goods, or only received a fraction of items, in order to keep the goods or services without paying for them. Customers commiting friendly fraud make the purchase on a credit card, receive the product or service, and then demand a refund for a lost or short-shipped order, or file a chargeback through their credit card issuing bank, with the intention of receiving a full refund of purchase amount. Also referred to as chargeback fraud, it is estimated that $4.8 billion was lost by US businesses last year to friendly/chargeback fraud. It is also estimated that as much as 80% of all chargebacks are fraudulent.


Front Companies

Front companies could be defined as fictious companies which have been set up and organized by criminals or fraudsters, with the main purpose of using them to perform fraudulent activities. The company may be used to carry out any transaction process on fraudulently collected products.