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fraud

noun

/frɔːd/

IPA:

Dictionary definition of fraud

Illegal activities that involve deception or dishonesty in order to gain an unlawful advantage or benefit.
"The company was found guilty of fraud for falsely advertising its products."

Detailed meaning of fraud

It is an intentional act of deception or misrepresentation that results in financial or personal gain for the perpetrator and a loss for the victim. Fraud can take many forms, including financial fraud, identity fraud, and fraud in connection with contracts or government programs.

Financial fraud includes activities such as embezzlement, money laundering, Ponzi schemes, and securities fraud. Identity fraud involves the unauthorized use of another person's personal information, such as a social security number or credit card details, to obtain goods or services. Fraud in connection with contracts or government programs includes activities such as bribery, kickbacks, and false billing.

Fraud is considered a serious crime and can result in severe legal penalties including fines, restitution, and imprisonment. It can have serious economic and social consequences, not only for the victims but also for the society as a whole. Fraud can occur in both the private and public sectors and can be committed by individuals or organizations. It is important for individuals and businesses to be aware of the different types of fraud and to take steps to protect themselves from becoming victims.

Example sentences containing fraud

1. The authorities uncovered a large-scale fraud operation run by the criminal organization.
2. The financial advisor was charged with fraud for embezzling from client's accounts.
3. The government officials were arrested on charges of fraud and corruption.
4. The businessman was convicted of fraud for falsifying financial records.
5. The company's stock price fell after reports of fraud were made public.
6. The authorities set up a hotline for reporting cases of fraud and financial crimes.

History and etymology of fraud

The noun 'fraud' has its roots in Latin, originating from the word 'fraus,' which means 'deceit' or 'cheating.' In the early Latin language, 'fraus' was associated with acts of deception and dishonesty. Over time, this term evolved and made its way into Middle English as 'fraude' before eventually becoming the modern English word 'fraud.' The etymology of 'fraud' underscores its fundamental association with deceitful and dishonest actions, emphasizing the intent to gain an unlawful advantage or benefit through deception, a concept that remains central to its meaning in contemporary usage.

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Further usage examples of fraud

1. The employee was fired for committing fraud by falsifying time sheets.
2. The scam artist was arrested for fraud and theft.
3. The company's reputation was tarnished by the revelation of fraud in its practices.
4. The cybercriminals were charged with wire fraud and identity theft.
5. The government set up a task force to investigate and prosecute fraud and financial crimes.
6. Detecting fraud is essential to maintain financial integrity.
7. The company suffered a significant financial loss due to fraud.
8. He was accused of masterminding a massive fraud scheme.
9. Fraudulent activities can result in severe legal consequences.
10. The investigation revealed a web of intricate fraud.
11. The whistleblower exposed a major case of corporate fraud.
12. Consumer protection laws aim to prevent fraudulent practices.
13. Cybersecurity measures help guard against online fraud.
14. The Ponzi scheme was a classic example of financial fraud.
15. Identity theft is a prevalent form of personal fraud.
16. Insurance fraud raises premiums for honest policyholders.
17. Legal action was taken against those involved in the fraud.
18. The fraudster manipulated financial records skillfully.
19. Her investment turned out to be a costly fraud.
20. The court imposed heavy penalties on the convicted fraudsters.
21. A comprehensive audit can uncover hidden fraud.
22. Fraud detection software is crucial for online security.
23. Many innocent people fall victim to online fraudsters.
24. Consumer education is vital in preventing credit card fraud.
25. The bank tightened security to thwart internal fraud.