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What is Fraud?

Fraud is a crime. It involves deception and misrepresentation in order to make money. Deception could involve manufacturing counterfeit credit cards or padding up insurance claims, or making false claims to receive mortgage loans you wouldn’t have received otherwise.

Fraud costs hundreds of millions of dollars a year in damages and affects hundreds of millions of people. Unfortunately, no one is completely safe from being defrauded. But knowing how to recognize a fraud, like a bank fraud or an investment fraud, will better help you protect yourself and your finances.

As more and more people opt for online banking and paying their bills online, it’s a good idea to find out What is Internet Fraud? And ways to better protect yourself from fraudsters lurking on cyberspace.

Learn more about the less common frauds and how to prevent them from happening to you. Less common fraud schemes include:

 

  • Distributorship and Franchise Fraud
  • Home Improvement Fraud
  • Telemarketing Fraud
  • Land Fraud

If you're wondering the motives behind all these fraud schemes, read our article The Psychology of Fraudsters. And find out the different reasons why fraudsters come after your money.

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Identity theft comes in many forms.

A person\92s identity can be 'borrowed' for the purpose of creating fictional credit cards or a person\92s entire identity can be usurped to the point where they can have difficulty proving that they really are who they claim to be.

Up to 18% of identity theft victims take as long as four years to realize that their identity has been stolen.

There are many ways to protect your personal identity and many steps you can take to prevent your identity from being stolen:

*Never give out unnecessary personal information
*Never provide bank details or social security numbers over the Internet
*Always remain aware of who is standing behind you when you type in your personal credit codes at ATM machines and at supermarket checkout swipe machines.