Fraud

by Oana Vitan

1
 Main Topics
What is fraud
Types of fraud
Elements of a fraud
Offices fighting fraud
Ways to avoid scams
Notable fraudsters

2
 What is fraud?
In the broadest sense, a fraud is an
intentional deception made for personal
gain or to damage another individual
The specific legal definition varies by legal
jurisdiction. Fraud is a crime, and also a
civil law violation.
Defrauding people or entities of money or
valuables is a common purpose of fraud, but
there have also been fraudulent
"discoveries", e.g. in science, to gain prestige
rather than immediate monetary gain.
3
Types of criminal fraud include:
forgery of documents or signatures,
bait and switch
fraud upon the court
bankruptcy fraud
health fraud, for example selling of
benefit fraud, committing fraud to
products known not to be effective,
get government benefits
such as quackmedicines,
counterfeiting of currency,
identity theft
documents or valuable goods
investment frauds, such as Ponzi
charlatanism
schemes and Pyramid schemes
confidence tricks such as the 419
Moving scam
fraud and Spanish Prisoner
religious fraud
creation of false companies or "long
firms" marriage fraud to obtain
immigration rights without
embezzlement, taking money which
entitlement
one has been entrusted with on
behalf of another party rigged gambling games such as the
shell game
false advertising
securities frauds such as pump and
false billing
dump
false insurance claims
tax fraud

4
 Elements of fraud
a representation of an existing fact;
its materiality;
its falsity;
the speaker's knowledge of its falsity;
the speaker's intent that it shall be acted upon by the plaintiff;
plaintiff's ignorance of its falsity;
plaintiff's reliance on the truth of the representation;
plaintiff's right to rely upon it; and
consequent damages suffered by plaintiff.

5
Offices fighting fraud
The National Fraud Authority (NFA) is the
government agency co-ordinating the
counter-fraud response in the UK
European Anti-Fraud Office (OLAF)
Asia Anti Fraud (AAF)
U.S Securities and Exchange Commission
Canadian Anti-Fraud Centre

6
Top Five Ways to Avoid Identity
Theft and Internet Fraud

Think, Look, Investigate every link you receive

in your E-mail before Clicking.
Type in Web Addresses manually into your
Browser. 
Use secure Webser vers for transactions with
your Credit Card, etc.
Antivirus and Firewalls are Important.
Update yourself

7
How To Avoid Scams

Ask questions and check out the

answers
Research the company before you
invest
Know the salesperson.
Be wary of unsolicited offers.

8
 How can you avoid
financial fraud?
Manage your own funds as much as possible with large,
reputable discount brokers where the federal insurance
guarantees accounts.
If you are still tempted to turn your money over to another’s
management, make sure you diversify into several managed
accounts. It’ll ensure that no one account is so large that it
leaves you penniless if financial fraud happens. Managed
accounts should also include publicly-traded, no-load mutual
funds and exchange traded funds/notes, whose value can be
tracked daily.
And most importantly, you should make sure all managed
accounts have separate custodians and independent, outside
accountants to audit your accounts

9
 Notable fraudsters
Frank Abagnale Jr., US impostor who wrote bad checks and
falsely represented himself as a qualified member of
professions such as airline pilot, doctor, and attorney. The
film Catch Me If You Can is based on his life.
Eddie Antar, founder of Crazy Eddie, who has about $1
billion worth of judgments against him stemming from
fraudulent accounting practices at that company.
Salim Damji is a convicted fraud artist who defrauded
millions of dollars in an affinity fraud. The money came
mostly from relatives and members of the closely-knit
Ismaili community. His $75 million scam was among the
largest in Canadian history

10
Notable fraudsters(2)
Ramón Báez Figueroa, banker from the Dominican
Republic and former President of Banco
Intercontinental. Sentenced on October 21, 2007 to ten
years in prison for a US $2.2 billion fraud case that
drove the Caribbean nation into an economic crisis in
2003.
Gregor MacGregor, Scottish conman who tried to
attract investment and settlers for the non-existent
country of Poyais.
John Stonehouse, the last Postmaster-General of the
UK and MP who faked his death to marry his mistress.

11
 Conclusion

There are many types of frauds and as

the technology develops new ways of
fraud appears
People should be very careful with their
money and personal information

12
Thank you for your
attention

13