The Nature and Scope of Fraud and Fakery in International Business Term Paper

The Nature and Scope of Fraud and Fakery in International Business - Term Paper Example Before understanding the nature and scope of fraud and activities related to it, it is important to understand what is meant by the term â€Å"Fraud†. In its simplest meanings, fraud can be considered an act of deceiving another with the intention of gaining something as a result. Fraud is illegal because it involves misrepresentation, deception, and trickery. It is pertinent to distinguish fraud from errors considered as unintentional (Singleton & Singleton, 2010; Davia, Coggins, Wideman, & Kastantin, 1992; Albrecht, Albrecht, Albrecht, & Zimelman, 2009). As for instance, incorrectly entering the wrong amount in an invoice and receiving or giving incorrect amount by mistake does not account for fraud. In fact, it is the thought of deception which distinguishes a mistake from a fraud. The Oxford Dictionary defines fraud as: On the other hand, the government of UK on its official website has provided a broad definition of fraud in relation to international trade. The definition provided by the government of UK is as follows: Apart from these definitions, another version of the definition for fraud is provided in the Webster Dictionary, which seems to be more explanatory, simple and convincing. The definition is as follows: â€Å"In law, the deliberate misrepresentation of fact for the purpose  of depriving someone of a valuable possession or legal right. Any omission or concealment that is injurious to another or that allows a person to take unconscionable advantage of another may constitute criminal fraud. The most common type of fraud is the obtaining of property by giving a check for which there are insufficient funds in the signer's account. Another is the assumption of someone else's or a fictitious identity with the intent to deceive. Also important are mail and wire fraud (fraud committed by use of the postal service or electronic devices, such as telephones or computers).†Ã‚