What is Economic Crime?
There are many definitions of fraud, depending on the point of view considering. According to The American Heritage Dictionary, (Third Edition), fraud is defined as “a deception deliberately practiced in order to secure unfair or unlawful gain” (p.722). We can conclude that fraud is deception. Whatever industry the fraud is situated in or whatever kind of fraud you visualize, deception is always the core of fraud.
In a nutshell, Davia, et al. (2000) summarize: “Fraud always involves one or more persons who, with intent, act secretly to deprive another of something of value, for their own enrichment”. Also Wells (2005) stresses deception as the linchpin to fraud.