Finance Fraud

Financial Fraud is the illegal or unethical exploitation by using funds, property, or other assets of another for personal gain irrespective of detriment to the person.

Financial fraud can be classified into two broad categories:

  • Theft of income – Most common form of financial fraud; is typically less than $1,000 per transaction.
  • Theft of assets – Often more extensive and typically involves fraud associated with forgery, counterfeiting, and identity theft.

Some forms of financial fraud may be considered “scams,” in which a person attempts to trick the victim for financial gain. There are numerous variations, including misappropriation of income or assets, fictitious relative, identity theft, financial institution employee fraud, financial institution examiner fraud, power of attorney fraud, charitable donation scams, advance fee fraud, pigeon drop, inheritance scams, international lottery fraud, telemarketing scams, fake prizes, internet sales or online auction fraud, government grant scams, phishing, spoofing, pharming, among others.

    More Information: