What is fraud? A. Fraud is untruthful financial reporting. B. Fraud is the misappropriation of assets. C. Fraud is the intentional misrepresentation of facts made for the purpose of persuading another individual to act in a way that causes injury or damage to that individual. D. all of the above

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Jeffrey Blankenship

Business

10 July, 18:02

What is fraud? A. Fraud is untruthful financial reporting. B. Fraud is the misappropriation of assets. C. Fraud is the intentional misrepresentation of facts made for the purpose of persuading another individual to act in a way that causes injury or damage to that individual. D. all of the above

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Alfredo · Answer 1

The correct answer is C. Fraud is the intentional misrepresentation of facts made for the purpose of persuading another individual to act in a way that causes injury or damage to that individual.

Explanation:

In the broadest sense, fraud can encompass any crime for profit that uses deception as its main modus operandi. More specifically, fraud is defined by the Black's Law Dictionary as:

"A false statement knowing the truth or the concealment of a material fact for the Fraud Scheme to induce another to act at its expense."

Consequently, fraud includes any intentional or deliberate act of depriving another of property or money by cunning, deception, or other unfair acts.

Fraud can compromise a company, either internally by employees, managers, officers or owners of the company, or externally by customers, suppliers and other parties. Other ways to defraud people, rather than companies.