World wide business and

law
“Fraud”

IBA I – 2008-2009
Presenter: Shermarn
26650
Lecturer: Henry P. Muusz
 Contents
 What fraud is
 What the elements of fraud are
 Different types of fraud
 What can be done to avoid fraud ?
 Introduction
Fraud is an abuse of one’s expectation of
fair that done by some human.Beyond
that,it blows one’s self-image as a wise people
capable of detecting away. Nevertheless, nobody
likes to be duped.
 Fraud
Fraud means lack of action that is punishable
by law. Fraud is defined by courts to require an
intentional misrepresentation that was properly
relied upon by the plaintiff and caused the
plaintiff damages.
 Elements of fraud
Howell v. Kraft, 10 Wash. App. 266, 517 P.2d
203
(1973)
1. a representation
2. falsity of the representation
3. materiality of the representation
4. speaker's knowledge of the falsity of the
representation or ignorance of its truth
4. the speaker's intent it should be relied upon
5. the hearer's ignorance of the falsity of the
representation
6. the hearer's reliance on the representation
7. the hearer's right to rely on the representation
8. the hearer's consequent and proximate injury
9. caused by the reliance on the representation
 Different types of fraud
 False Accounting - covering up falsifying
 Asset misappropriation - using company equipment
for personal.
 Computer Fraud - accessing information through
illegal means.
 Insurance Fraud - obtain insurer’ s payment.
 Intellectual property fraud - imitating patents, design
rights.
 Case study
A defendant has been indicted on bank
fraud charges for obtaining names, addresses, and
Social Security numbers from a Web site and
using those data to apply for a series of car loans
over the Internet.
What can be done to avoid fraud
?
“SCAM”
Be Stingy giving out your personal information
to others.
Check your financial information regularly.
Ask periodically for a copy of your financial
report.
Maintain careful records of your banking
and financial accounts.
 Conclusion
Nowadays fraud costs damages and affects
hundreds of millions of people, no one is
completely safe from being defrauded. But
knowing how to recognize a fraud will better
help you protect yourself.
THANK YOU FOR ATTENDANCE