Most of us have heard the terms “insurance fraud” and “securities fraud.” And we probably all know someone who has been a victim of one form of fraud or another. But what exactly is fraud?
There are many different types of fraud, including mail fraud, wire fraud, fraudulent concealment, fraudulent conveyance, forgery, and identity theft, to name just a few. However, generally speaking, fraud occurs when one person is harmed or damaged as a result of another person’s intentionally deceptive acts, omissions, or statements.
People fall victim to fraud because it is difficult to discern a person’s intent, including accurately determining whether representations being made are true. Unfortunately, many fraudulent schemes are detected only after the damage has already been done.
Some of the most common and most damaging types of fraud are fraudulent investment schemes. Often these schemes involve deals that seem too good to be true, including exorbitant interest rates, a promise of quick returns, or a no-risk guarantee. As the age-old saying goes, if it sounds too good to be true, it probably is.
If you are considering an investment, make sure to do your homework first. Before entrusting your hard-earned money to someone else, consult qualified professionals who have experience discerning between fraudulent schemes and legitimate investment opportunities.
If you are in the unfortunate position of having been the victim of fraud, whether your identity was stolen, you invested with the wrong people, or you were victimized by some other kind of scheme, your best chance at recouping your losses is to engage an attorney who has been successful holding perpetrators of fraud responsible.