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Financial Fraud: Embezzlement, Ponzi Schemes, and Credit Fraud
Abstract
Fraud is a deception deliberately practiced in order to secure unfair or unlawful gain. Financial crimes affect private individuals, companies, organizations, and even states, and have a negative impact on the entire economic and social system through the considerable loss of money. It is very difficult to estimate the amount of money of fraud around the world since most of the transactions will never be actually reported. Announcing any fraud incident could affect negatively the company that is reporting, since any publicity would make customers lose their confidence in the company and therefore the price of the share would drop significantly. Therefore, companies would not be willing to reveal any assumptions of fraud and would try to keep the whole story away from the media and stakeholders to minimize negative outcomes. This chapter explores financial fraud.
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