What is Fraud | Types of Fraud Explained | How Fraud Affects Society | Example of Fraud KYC Lookup

Explains the concept of fraud and its definition in law, highlighting the types of fraud such as asset misappropriation, identity theft, bribery, and corruption.

Describes telemarketing fraud where criminals get victims to provide personal information, resulting in significant financial losses, such as the $40 billion loss in the United States.

Details asset misappropriation fraud, where employees misuse assets through fraudulent activities, leading to massive financial losses like the $6.1 billion yearly loss in the US due to identity theft.

Explains financial statement fraud involving misleading investors by manipulating financial data, such as the $50 billion loss in a global financial services firm due to misstating expenses and assets.

Discusses mortgage fraud schemes, including manipulating land registry data and property information, causing detrimental effects on individuals and society, with a focus on the impact on the elderly and disadvantaged.

Explores the measures taken by governments globally to combat fraud, including setting up forums, employing experts, and implementing counter fraud plans to prevent fraud against taxpayers and public bodies.

Recaps the Enron fraud scandal, highlighting how the company used special purpose entities to conceal debts, leading to the conviction of key individuals like CEO Jeffrey Skilling and a significant impact on employees and the accounting firm involved.