The elements of fraud include:
• Intent – fraud is a willfully planed and positive act.
• Deceitful practice or artifice – there is always a lie. Artifice is any trick or cunning device used.
• Designed to deprive another of his right or in some manner do him injury. Fraud is committed to obtain something of value causing injury or loss to another. Cash, goods or legal rights are all targets of the person committing a fraud.
• Fraud scams generally depend on the element of ‘greed’ in the victim. Short cuts, get rich easily, improve retirement, etc.
• “If it is too good to be true” it is not true or good.
• All hustlers are likable, friendly and outgoing, or they wouldn’t be good at the hustle.
In our electronic age fraud is the primary crime of choice. Fraud is difficult to investigate and prosecute especially if the transactions cross jurisdictional boundaries. Targets are the gullible and elderly are at risk.
Common Fraud Case Studies
Substitution is rampant buying online. A relatively inexpensive item is substituted for the more quality item advertised. Phishing, the electronic means to obtain account and password information is a primary and reoccurring problem. The Nigerian Scam has reached new heights in the electronic age. One variant of the Nigerian scam usually involves a Nigerian or Royal member or official forced to flee his nation and wants your bank account data to temporarily deposit large sums of cash. Of course the only cash involved is yours once the account information is given up or the advanced fees request to show and establish trust to finance the transfer. These scams where originally perpetrated through the mail, and got the name of “419” scams from the article of Nigerian criminal code that defines fraud. An advanced-fee scam, most of these originate from the UK or other countries and got started years ago and grew to popularity in the 1980’s. Pyramid schemes recruits members with promises of payment or services for enrolling into the scheme, and are encouraged to recruit others, at some point this business model becomes unsustainable, illegal and usually collapses, leveling early members get rich and with most later members are unable to profit. These schemes are over a century old.
Primary Element of Fraud
Identity theft, credit card fraud, check fraud, passing stolen traveler’s checks are examples where fraud is a primary element. A pickpocket lifts your wallet. Of course he takes your cash but he is after your credit cards. These items have a life of their own. He sells the card on a primary market or uses it for himself. From the time your card is taken or lost and you discover and report it is “the life of the card”. Most thieves will attempt to use up the card as quickly as they can. They will purchase items as fast as possible. Move to a different store in chain and return it pretending it was a gift. They then pocket the cash. Or they can sell it on eBay, Craigslist or pawn it. Pick pocketing is theft or larceny from a person, using the credit card is fraud because they have to purport to be “you” the element of deceit. Secondary markets will send the card off-shore to be used in the foreign markets. All this is over about a 72 hours span.
Common Real Estate Fraud Examples
Real estate fraud is a staple. Find an abandoned home, pretend to be a real estate agent and rent or sell the home. Collect upfront fees like first and last month’s rent and cleaning fees and you can walk away with multiple thousands of dollars. Then you move one. Real-estate, gold mine and oil well investment schemes are common.
Most of these can be avoided. In contractual matters a little ‘due diligence” can prevent loss. There is also an element of embarrassment with fraud and the perpetrator knows this. No one wants to admit they were duped. Some never report this.
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