In the context of financial crime, fraud refers to the deliberate act of deceiving individuals or organizations to secure an unlawful financial gain. This type of fraud can take many forms and often involves complex schemes designed to mislead victims and exploit financial systems.
Fraud in financial crime is the intentional misrepresentation or concealment of information to deceive others, resulting in financial loss or damage to the victim and financial gain for the perpetrator. It involves a breach of trust and can occur in various sectors, including banking, insurance, securities, and corporate environments.
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