Term: fraud

fraud (noun) /frɔːd/

1. The crime of getting money or an advantage by deceiving people. LV: krāpšana, krāpniecība.
2. A person or thing that is not what it is claimed to be. LV: krāpnieks, viltojums.

Example sentences:

1. He was arrested for credit card fraud after using someone else’s details to buy a luxury watch.
2. The investigation revealed a massive corporate fraud involving millions of euros.
3. She felt like a fraud when they praised her for the project, as her colleague had done most of the work.

Common Types of Fraud

• Identity Fraud: Using someone else’s personal information (ID, passport, SSN) to open bank accounts or take out loans.
• Financial/Bank Fraud: Illegal acts to obtain money from financial institutions (e.g., check forging or skimming).
• Click Fraud: In digital advertising, clicking on ads to drain a competitor’s budget or generate fake revenue.
• Insurance Fraud: Making false claims to an insurance company to receive a payout.

The Legal Perspective

To be legally considered fraud, a situation usually requires four elements:

1. A false statement (a lie or misrepresentation).
2. Knowledge that the statement is false.
3. Intent to deceive the victim.
4. Damage (the victim suffered a loss, usually financial).

Common Phrases:

• Commit fraud: To carry out the deceptive act.
• Defraud someone: (Verb) To take something from someone by fraud.”The company defrauded its investors by faking its profit margins.”
• Fraudulent (adjective): Intended to deceive.”They were caught making fraudulent claims for government subsidies.”
• Anti-fraud measures: Systems or laws put in place to prevent or detect scams.

Synonyms:

• Scam: (Informal) A clever or dishonest way to make money.
• Deception: The act of hiding the truth.
• Swindle: To get money from someone by being dishonest.