Fraud may cause loss of Money

In law, fraud is deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud itself can be a civil wrong (i.e., a fraud victim may sue the fraud perpetrator to avoid the fraud and/or recover monetary compensation), a criminal wrong (i.e., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities) or Fraud may cause no loss of money, property or legal right but still be an element of another civil or criminal wrong.

The purpose of fraud may be monetary gain or other benefits, Fraud such as obtaining a driver’s license or qualifying for a mortgage by way of false statements. In common law jurisdictions, as a civil wrong, fraud is a tort. While the precise definitions of Fraud and requirements of proof vary among jurisdictions, the requisite elements of fraud as a tort generally are the intentional misrepresentation or Fraud as concealment of an important fact upon which the victim is meant to rely, and in fact does rely, to the harm of the victim. Proving fraud in a court of law is often said to be difficult.

That difficulty is, for instance, in that each and every one of the elements of fraud must be proven, that the elements include proving the states of mind of the perpetrator and the victim, and that some jurisdictions require the victim to prove fraud by clear and convincing evidence. The remedies for fraud may include rescission (i.e., reversal) of a fraudulently obtained agreement or transaction, fraud may also include the recovery of a monetary award to compensate for the harm caused, fraud may include punitive damages to punish or deter the misconduct, and possibly others.

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