Fraud A Civil Wrong And A Criminal Wrong - 2141 Words

What is a Fraud? A fraud is when one party deceives or takes unfair advantage of another. A fraud includes any act, omission, or concealment, involving a breach of legal or equitable duty or trust, which results in disadvantage or injury to another. In a court of law it is necessary to prove that a false representation was made as a statement of fact that was made with the intent to deceive and to induce the other party to act upon it. It must be proven that the person who has been defrauded suffered an injury or damage from the act. Fraud is considered a civil wrong and a criminal wrong. A civil wrong is when one person commits a wrongful act on another person that harms them physically, financially, or mentally. Criminal wrong is†¦show more content†¦The second issue in my financial fraud paper is issue on the need to strengthen fraud security measures. This is important because of the new regulations such as the SOX or Dodd Frank act people are finding new ways to pull off financial frauds on new unexpected victims. The third financial issue that I have found is the increase in financial frauds against the elderly. Financial fraud is becoming more prevalent in today’s society. Determining what fraud is becoming more prevalent can usually be determined on how the market is or what’s going on in society. One specific case that I found from American Banker website is that phone banking scams has risen thirty percent even after all the new regulations that are in place. The reason for this can be because over the phone people can be anonymous therefore they believe that the likelihood of them getting caught even if the scam gets flagged is low. . Bank fraud has been around for decades but what differs in todays banking fraud is the rise in phone scams in the banking field. In today’s society business and everyday banking needs are being taken care of either over the phone with call centers or with the use of an app. This leaves vulnerability for scams to happen because the employees of the call centers are not fraud experts so they cannot tell when they are being swindled. Using this issueShow MoreRelatedBankruptcy Fraud And Its Effects On The Lower Income Brackets1674 Words   |  7 Pagesas well by using bankruptcy fraud. The average white collar worker has more resources and power to deprive people, especially when it comes to the basic necessities in life. The basic need of having good credit is the dream everyone wants in order to be financially strong. Since the use of bankruptcy fraud has become notorious in today’s society, gaining proper knowledge with regards to the effects and penalties of the crime helps build awareness and deter criminals from victimizing innocent peopleRead MoreThe Ethics Of Health Care Ethics1407 Words   |  6 Pagesword â€Å"Ethics.† Ethics refers to well-founded standards of right and wrong that prescribe humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues. Ethics is when one knows what is normal between what is right or wrong. For a well-mannered individual, it is easy to think first before you act on something. It is for us to know what our rights are and whether it is right, or wrong, to do or not. We should be responsible of our actions or behaviorRead MoreLaw As An Academic Discipline And Its Different Branches1367 Words   |  6 Pagessystem and uses it as a primary social mediator between people. 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From my standpoint, companies shouldRead MoreJustice Systems in Egypt and in the United States Essay680 Words   |  3 PagesVI. Components of Justice System in Egypt VII. Crimes A. United States B. Egypt VIII. Notes IX. References Abstract Justice System in Egypt and the United States are similar in many ways. Egypt Justice System bases its criminal code on British, Napoleon, and Italian models. There are three main categories of crime in Egypt law; they are minor offenses, misdemeanors and felonies. Egypt law requires that a detained person be brought before a magistrate with 48 hours orRead MoreEssay about Texas Gulf Sulphur Case Study690 Words   |  3 PagesGulf Sulphur violate civil or criminal law by breaching a Fiduciary duty or engaging in insider trading: Drake: A geologist and junior member of the exploration group who was authorized with confidential information. 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One of the investors wrote a letter to S.E.C seekingRead MoreThe Problem Facing The Small Manufacturing1569 Words   |  7 PagesOne of the ways to prevent fraud in any organization is to eliminate opportunities for fraud. This is done through a â€Å"good system of internal controls, discourage collusion, have a whistle-blowing system in place, create an expectation of punishment, and engage in proactive fraud auditing† (Albrecht, Albrecht, Albrecht and Zimbleman, p 105). In this case, the main problem facing the small manufacturing is the fact that there is no effective internal control system. The internal control system is