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What is Fraud?

In its simplest form, fraud is the intentional misrepresentation or deception which causes another person to suffer damages. The examples and definitions to the right outline some obvious fraudulent activity.

 
 
Theft of cash, goods or services
The fraudulent taking of money or property belonging to another, with intent to permanently deprive the owner of the property
 
 
Payroll Fraud
Dishonest reporting of time, including punching in or out for a colleague, or taking liberties with an honor-system recording of in and out times
 
     
 
 
Kickbacks
A return of a percentage of a sum of money already received, typically as a result of pressure, coercion, or a secret agreement
 
 
Corruption
The offering, giving, receiving or soliciting of any thing of value to influence the action of a public official
 
     
 
 
Money Laundering
Concealing the source of illegally gotten money
 
 
Collusion
Two or more parties acting together to defraud a person or organization
 
     
 
 
Unauthorized Discounts
Offering to sell goods or services at a reduced price without the consent of the owner
 
 
Bribery
The offering, giving, receiving or soliciting anything of value to influence an action of an official
 
     
 
 
Release of Proprietary Information
Release of information owned by a private individual or business under a trademark or patent
 
 
Fraudulent Insurance Claims
Deceitful filing for monetary reimbursement of property or personal losses or medical expenses
 
     
 
 
Bid Rigging
Action between contractors during a bidding process. This includes the submission of false bids to artificially raise prices, the creation of fake companies, and taking turns to submit “low bids” after bidders exchange information
 
 
     

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