fraud

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fraud,

in law, willful misrepresentation intended to deprive another of some right. The offense, generally only a torttort,
in law, the violation of some duty clearly set by law, not by a specific agreement between two parties, as in breach of contract. When such a duty is breached, the injured party has the right to institute suit for compensatory damages.
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, may also constitute the crime of false pretenses. Frauds are either actual or constructive. An actual fraud requires that the act be motivated by the desire to deceive another to his harm, while a constructive fraud is a presumption of overreaching conduct that arises when a profit is made from a relation of trust (see fiduciaryfiduciary
, in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. Among the common fiduciary relationships are guardian to ward, parent to child, lawyer to client, corporate director to corporation, trustee to trust, and business
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). The courts have found it undesirable to make a rigid definition of the type of misrepresentation that amounts to actual fraud and have preferred to consider individually the factors in each case. The misrepresentation may be a positive lie, a failure to disclose information, or even a statement made in reckless disregard of possible inaccuracy. Actual fraud can never be the result of accident or negligencenegligence,
in law, especially tort law, the breach of an obligation (duty) to act with care, or the failure to act as a reasonable and prudent person would under similar circumstances.
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, because of the requirement that the act be intended to deceive. The question of commission may depend upon the competence and commercial knowledge of the alleged victim. Thus dealings with a minor, a lunatic, a feeble-minded person, a drunkard, or (in former times) a married woman are scrutinized more closely than dealings with an experienced businessman. A lawsuit based upon actual or constructive fraud must specify the fraudulent act, the plaintiff's reliance on it, and the loss suffered. The remedy granted to the plaintiff in most cases is either compensatory (and possibly punitive) damagesdamages,
money award that the judgment of a court requires the defendant in a suit to pay to the plaintiff as compensation for the loss or injury inflicted. Damages are the form of legal redress most commonly sought.
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 for the injury or cancellation of the contract or other agreement and the restoration of the parties to their former status. In a few states of the United States both damages and cancellation are available. In certain suits based upon a contract, fraud may be introduced as a defense.
References in periodicals archive ?
Browse through the TOC of the Asian fraud detection systems market, to get an idea of the in-depth analysis provided.
8220;Banks and credit unions need a comprehensive approach to provide cross channel fraud detection tools, but the challenge will continue to be balancing that risk against budgetary constraints,” Uhland noted.
Exploring the market of claims fraud detection systems, the report bases its analysis on information collected from Celent's 2012 research profiling information technology vendors active in claims fraud.
Digital River said that this patent describes fraud detection technology specifically for purchase order transactions processed by online stores.
As a leading provider of data, technology solutions and services, we are uniquely positioned to provide the industry with an unparalleled range of fraud detection solutions and, with the introduction of FraudDetector, we can now provide lenders with a concise, low-cost solution that's ideal for use as the front line of defense on 100 percent of loan originations.
Automatic referrals to the SIU based upon claim patterns are essential to early fraud detection.
Partnering with SQN Banking Systems will accelerate the acceptance and use of OnBase by Latin American banking institutions as the archival standard for fraud detection and investigative information.
The rules-based fraud detection system is a customizable application that allows users to become more efficient in detecting and preventing fraud before it happens.
A 15 January 2007 Gartner report titled "Findings: Architectural Options for Integrating Fraud Detection" estimates by 2009 at least 50 percent of online fraud detection engines will be integrated directly into Web application servers (0.
Analytics and Search Expert to Guide Product Development for Industry-Leading Click Fraud Detection and Mitigation Solutions
Industry-leading Fraud Detection Solution Provides All-Points Protection For BBVA Bancomer, Dramatically Reducing Payment Card Fraud and Online Fraud
Ten years ago, when San Antonio, Texas-based Frost Bank was looking for new technology to upgrade its record keeping and signature verification system, they turned to New Jersey-based SQN Banking Systems, a leading provider of fraud detection and process improvement products for the financial industry, and they have hardly talked to them since -- because there hasn't been a need to.