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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 ?
Many factors, including order origin, basket size and user purchase history, are dynamically scrutinized to spot inconsistencies and suspicious patterns using the Yroo fraud detection system.
MicroMarket Monitor broadly segments the fraud detection & prevention and anti-money laundering market in terms of solutions into fraud analytics, fraud authentication, GRC solutions, and reporting and visualization tools; by type of users into small and medium enterprises and large enterprises; by industry verticals into banking & financial services & insurance, retail, telecommunication, public/government, healthcare, and energy & utilities, among others; and by geography into the North America, Europe, Asia-Pacific, Middle-East & Africa, And Latin America.
Increased adoption of online and mobile banking requires the company to expand its offering of fraud detection software.
According to the company this fraud detection technology and other patents previously issued to Digital River are integral to its fraud prevention solutions, including the Transaction Defender service.
Fraud detection is just one of many bank operational tasks that can be automated through the OnBase software.
Integrated Fraud Detection lets users monitor transactions for suspicious behavior, analyze data to identify new patterns, refine fraud alert systems and manage potential fraud cases through notification of the authorities.
The SIP Analytics(TM) features of NexOSS-FC are a quantum leap forward in telecom fraud detection compared to CDR analysis.
com), the industry's first independent third-party click fraud detection service dedicated to helping companies more accurately monitor their online advertising campaigns for pay-per-click (PPC) fraud.
The online fraud detection market has substantially transformed in the past two years, trying to keep pace with rapid advances and expansions in cybercrime.
Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced that its industry-leading payment card fraud detection technology is delivering impressive results for BBVA Bancomer, S.
Global banks seek non-invasive, real-time fraud detection solutions to protect brand image, secure customers and reduce fraud losses
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.