In 

law, fraud is intentional deception to secure unfair or unlawful gain,

or to deprive a victim of a legal right. Fraud can violate civil law (i.e., a
fraud victim may sue the fraud perpetrator to avoid the fraud or
recover monetary compensation), a criminal law (i.e., a fraud
perpetrator may be prosecuted and imprisoned by governmental
authorities), or it may cause no loss of money, property or legal right
but still be an element of another civil or criminal wrong.[1] The
purpose of fraud may be monetary gain or other benefits, for example
by obtaining a passport, travel document, or driver's license,
or mortgage fraud, where the perpetrator may attempt to qualify for a
mortgage by way of false statements.[2]
A hoax is a distinct concept that involves deliberate deception without
the intention of gain or of materially damaging or depriving a victim.
As a civil wrong
In common law jurisdictions, as a civil wrong, fraud is a tort. While the
precise definitions and requirements of proof vary among jurisdictions,
the requisite elements of fraud as a tort generally are the intentional
misrepresentation or concealment of an important fact upon which the
victim is meant to rely, and in fact does rely, to the harm of the victim.
[3] Proving fraud in a court of law is often said to be difficult as the
intention to defraud is the key element in question.[4] As such, proving
fraud comes with a "greater evidentiary burden than other civil
claims." This difficulty is exacerbated by the fact that some
jurisdictions require the victim to prove fraud by clear and convincing
evidence.[5]
The remedies for fraud may include rescission (i.e., reversal) of a
fraudulently obtained agreement or transaction, the recovery of a
monetary award to compensate for the harm caused, punitive
damages to punish or deter the misconduct, and possibly others.[6]
In cases of a fraudulently induced contract, fraud may serve as
a defense in a civil action for breach of contract or specific
performance of contract. Similarly, fraud may serve as a basis for a
court to invoke its equitable jurisdiction.
As a criminal offence
In common law jurisdictions, as a criminal offence, fraud takes many
different forms, some general (e.g., theft by false pretense) and some
specific to particular categories of victims or misconduct (e.g., bank
fraud, insurance fraud, forgery). The elements of fraud as a crime
similarly vary. The requisite elements of perhaps the most general
form of criminal fraud, theft by false pretense, are the intentional
deception of a victim by false representation or pretense with the
intent of persuading the victim to part with property and with the victim
parting with property in reliance on the representation or pretense and
with the perpetrator intending to keep the property from the victim.[7]