Determining If You Have Been a Victim of Fraud

Many people are maliciously taken advantage of every day. Thanks to modern technology, fraud, hoaxes and scams happen more often now through the Internet. Every year fraud costs hundreds of millions of dollars and affects millions of lives. Due to the severity of fraud, legal action should be taken against the guilty party.

By definition fraud is a deliberate act of deception and misrepresentation that causes another party to suffer monetary losses or damages. To prove your case was fraud, there are five factors involved:

– A guilty party represents an existing material fact or falsifies a factual statement to an innocent party.
– The guilty party knows that what they are representing or saying is false. However, a mistaken statement thought to be true is not fraudulent. For a false statement to be considered fraud, it must knowingly be made to mislead the innocent party.
– The guilty party’s intentions are to deceive the innocent party.
– The innocent party believes the falsity of the guilty party and thinks it is the truth. They proceed in the relationship and take a course of action.
– The innocent party suffers damages or losses because they believed the guilty party; therefore, they ended up worse off than they were before the fraud.

Types of Fraud

Fraud can happen in any industry and involve many people. Types of fraud include:
– Identity Theft
– Mortgage Fraud and Mortgage Scams
– Telemarketing Fraud
– Corporate Fraud
– Health Care Fraud
– Consumer Fraud
– Auto Fraud
– Internet Scams

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