fraud

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Related to Fraudster: fraudulently, defrauded

Fraud

Any attempt to deceive another for financial gain. A clear example of fraud is selling a new issue that does not really exist. That is, the company can collect money from investors and, rather than use it to finance operations, pocket the money and do nothing. There are a number of types of fraud. Common types include forgery of documents, false claims in insurance, and filing bankruptcy to avoid debt rather than because of financial hardship.

fraud

Deception carried out for the purpose of achieving personal gain while causing injury to another party. For example, selling a new security issue while intentionally concealing important facts related to the issue is fraud.

fraud

the gaining of financial advantage by a person who deliberately deceives another person or business, by mispresenting himself.

fraud

A deceitful practice. Fraud consists of a misrepresentation of a material fact that is relied upon by another party to his or her detriment.There is no requirement that the misrepresentation be intentional.The thing misrepresented must be a fact; it is very difficult to prove fraud when one fails to fulfill his or her obligations but had good intentions in the beginning.

There are three types of fraud:

1. Intentional fraud. Punitive damages may be assessed for this type of fraud.

2. Negligent fraud. As when one makes a statement recklessly but without any intention to deceive, and someone relies on that statement and is injured when it turns out to be false. One example would be a real estate agent telling a buyer that all appliances are new when, in reality, the agent didn't know but thought they looked new. Depending on the degree of recklessness involved, this type of fraud may or may not support punitive damages.

3. Innocent fraud. As when one takes steps to confirm facts but is perhaps mistaken or given mistaken information, and then relays that information to someone else who relied on it and was injured.

The Statute of Frauds is a rule that says certain contracts must be in writing, including contracts having to do with real estate. It has nothing to do with fraud, per se, except to protect against possible fraud by requiring a writing.

References in periodicals archive ?
Any fraudster trying to keep a line open would be cut off.
The means by which fraudsters trick individuals into parting with their money is becoming more sophisticated, but it always ultimately depends on the individual transferring money out of their account.
a | FRAUDSTER claims to be from an organisation that you make regular payments to and asks you to change the payment details as they have a new bank account.
While the victim puts down the phone to redial, the fraudster does not, leaving the line open.
Even handing over basic information such as a name, date of birth and postcode can leave the door open for fraudsters, and is information that can be easily exchanged, without realising, by unsuspecting victims.
Food Fraudster is unique in providing us with the potential tool to go there.
She met him, paid the money and received a packet after which the fraudster disappeared.
The fraudster will tamper with the card mechanism on the ATM machine so that the machine doesn't want to accept or return the user's card.
A police patrol caught the first fraudster red-handed inside a shopping outlet.
The fraudster setup a recruitment office in the Olaya area in the heart of the Kingdom's capital and is accused of cheating 250 citizens out of money they gave him to recruit domestic servants.
Most importantly, the fraudster needs to hook his victims without getting caught.
It seems the hapless fraudster also had purchased extended warranties on the new gear--using his real name and address.