1 Fraud: its extent, patterns and causes
1.1 What is fraud?
Definition of fraud
The term ‘fraud’ commonly includes activities such as
theft, corruption, conspiracy, embezzlement, money
laundering, bribery and extortion. The legal definition
varies from country to country, and it is only since the
introduction of the Fraud Act in 2006, that there has
been a legal definition of fraud in England and Wales.
Fraud essentially involves using deception to
dishonestly make a personal gain for oneself and/or
create a loss for another. Although definitions vary,
most are based around these general themes.