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Definition of Financial Fraud in the United States: What You Need to Know
The Supplemental Fraud Survey (SFS) conducted by the National Crime Victimization Survey (NCVS) aims to gather data on the experiences of adults who have fallen victim to various types of personal financial fraud. The survey collects information on the characteristics of victims and whether the incidents were reported to law enforcement or other authorities.
What is Financial Fraud?
According to the SFS, financial fraud is defined as intentional and knowing deception that misrepresents, conceals, or omits facts about promised goods, services, or benefits that are nonexistent, unnecessary, never intended to be provided, or deliberately distorted for monetary gain. This broad definition encompasses a range of fraudulent activities, including identity theft.
Identity Theft and Financial Fraud: A Growing Concern
The National Crime Victimization Survey (NCVS) relies on self-report survey responses as its primary source of information on identity theft and financial fraud. The survey defines identity theft to include three general types of incidents:
- Unauthorized use or attempted use of an existing account
- Unauthorized use or attempted use of personal information to open a new account
- Misuse of personal information
What is Financial Fraud?
Financial fraud is the intentional misrepresentation of information or identity to deceive others, unlawful use of credit or debit cards or ATMs, or transmission of deceptive information electronically to obtain money or other valuable items. This type of fraud can be committed by individuals inside or outside a business and may involve the use of computers to defraud companies of their assets.
Definition of Financial Fraud in the SFS
The SFS defines financial fraud as instances in which a computer was used to defraud businesses of:
- Money
- Property
- Financial documents
- Insurance policies
- Deeds
- Rental cars
- Services
through:
- Forgery
- Misrepresented identity
- Credit card fraud
- Wire fraud
However, it excludes incidents of embezzlement.
Conclusion
Overall, the definition of financial fraud in the United States is broad and encompasses a range of activities aimed at deceiving others for personal gain. As technology continues to evolve, fraudulent schemes are becoming increasingly sophisticated, making it essential for individuals and businesses to stay informed and take steps to protect themselves from these types of crimes.