Defining Fraud and it's prevalence

Good day everyone, I am Kolapo John, I am here to talk about the controversial topic
about fraud.

Fraud refers to deceptive practices aimed at obtaining financial gain, often at the expense of
others. It occurs in various forms, such as financial fraud, identity theft, and insurance fraud.
Let’s examine its prevalence and how it affects individuals and businesses.

Negative Consequences for Victims:

Fraud can have devastating effects on its victims, both emotionally and financially. Loss of
trust, stress, and the difficulty of recovering stolen assets are just a few of the significant
negative impacts experienced by those targeted.

Economic Implications:

Fraud not only harms individuals but also has broader economic consequences. It can
destabilize financial institutions, increase the cost of doing business, and lead to higher
prices for consumers.