Fraud
Fraud is a crime usually where money is gained by someone and consequently lost by someone else; this is achieved in a fraud where there is either deception or lying involved or where a person misuses a position of authority or financial responsibility.
Fraud offences cover a multitude of methods, amounts gained/lost, individuals, businesses and organisations. Most offences fall under two or three sections of the Fraud Act 2006.
Fraud can have serious consequences to an individual or business both in financial terms and in the distress caused. There are also wider reaching consequences; companies for example have been put out of business resulting in redundancies and “knock-on” effects with other local businesses.
On a larger scale it is estimated there may be up to £30bn of fraud in the UK each year; this constitutes a significant attack upon the economy. Getting to grips with what is happening is difficult – there are over one hundred recognised types of fraud, for example.
There are however some more common types to be aware of – these are explained below together with some ways of helping to prevent fraud from happening.
