Definition And Types Of Fraud And Corruption

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Fraud and corruption

Definition (fraud) - In law, fraud is deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Definition (corruption) – dishonest or fraudulent conduct by those in power, typically involving bribery.

Fraud is illegally manipulating money or any legal process so that you do not have to pay tax or you do not have to declare the money. Fraud is also known as ‘playing the system” where one party seems to always have an income and the other receives no tax. Fraud can also be known as using someone else’s money instead of your own like stealing a credit card or hacking someone’s bank pass codes. Corruption is the abuse of entrusted power for personal gain. Grand corruption occurs at …show more content…

This type of fraud ruins lives of families and gives insurance companies a bad name. Identity theft is the number one culprit because the assailant steals your id and poses as a beneficiary or the policy holder of your funeral or life cover and then steals your money. This ruins people’s lives because the identity used to commit the fraud is flagged and undergoes prosecution. To clear your name as innocent will cost plenty of time and a lot of money, in the end your attempt on job opportunities and memberships will have a heavy affect on you because no longer will you be liable for these. Follow theses steps to avoid insurance …show more content…

Leaders of today have to deal with the elders that are corrupt and using their power for personal gain than rather using it for the good of the organization or country. Small things like stealing are a form of fraud because someone is taking money for personal gain and using that money in their name instead of the owner. Another major problem is the selling of fake merchandise this is a serious offence and is taking place in schools all across the country. Theses problems can be stopped very easily and with a driving force of youths the corruption rates can come down drastically. This also creates a clean future and better prospects for the future of South

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