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Fraud is a deliberate misrepresentation that causes a person or business to suffer damages, often in the form of monetary losses. All of these elements are usually required for an act to be considered fraud; if someone lied about his name, for example, it would not be fraud unless in so doing, the person caused someone else to lose money or suffer some other damage.
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Business Fraud Business fraud consists of activities undertaken by an individual or company in a dishonest or illegal manner designed to be advantageous to the perpetrating person or establishment.
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