Personal fraud occurs when another person, group, or company tricks you into giving up money, services, or sensitive information that can be used for identity theft.īoth types of fraud can be devastating.Business fraud occurs when customers, employees, or investors scam your business out of money or services.But almost all examples of fraud fall under two categories: They could even pretend to be someone else, as in identity theft.įraud covers a wide range of different scams and crimes. Or, they might use misrepresentation and leave out critical information during applications. They could also want special services or treatments you wouldn’t normally give them.įraudsters can use outright deception to try and trick you into giving them what they want. But that’s not the only reason someone will try to defraud you or your business. The goal of fraud is almost always money or financial gain. What Is Fraud? What Are the Risks?įraud is a broad legal term that refers to situations where someone is intentionally dishonest in order to receive some kind of benefit from a person, business, or entity. In this guide, we’ll cover 20+ examples of fraud you’re most likely to face, the red flags to watch out for, and what to do if you’ve been the victim of fraud schemes.
To protect yourself, your family, and your business, you need to know the warning signs to look out for. Many people feel ashamed or embarrassed that they were tricked by fraudsters. According to the latest report from PwC, businesses lost $42 billion to fraud in 2022 - the worst year ever. But that's only a drop in the bucket when compared to how fraud impacts businesses. Fraud is on the rise, with criminals coming for both businesses and individuals.Īccording to the Federal Trade Commission (FTC), Americans reported 2.8 million cases of fraud, with victims losing an average of $550.
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