Fraudulent Financial Transaction
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A Fraudulent Financial Transaction is a financial transaction that is a fraudulent act (intending to deceive another party and obtain a financial benefit through dishonest means).
- Context:
- It can range from being a Personal Fraudulent Financial Transaction (such as personal credit card fraud) to being an Organizational Fraudulent Financial Transaction.
- …
- Example(s):
- See: Credit Card Fraud, Bribe, Financial Theft, Identity Theft, Money Laundering.
References
2023
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- A Fraudulent Financial Transaction is any financial activity that is undertaken with the intention of deceiving another party and obtaining a financial benefit through dishonest means. There are many types of fraudulent financial transactions, including embezzlement, identity theft, money laundering, accounting fraud, and securities fraud. Embezzlement involves the misappropriation of funds by an individual who has been entrusted with them. Identity theft occurs when someone uses another person's personal information to obtain credit or other financial benefits. Money laundering involves concealing the source of illegally obtained funds. Accounting fraud involves the manipulation of financial statements to misrepresent a company's financial performance. Securities fraud involves the manipulation of financial markets and investors to achieve illicit gain.
Related concepts include financial crime, which encompasses all types of criminal activity related to finance. Other related concepts include forensic accounting, which involves the detection and prevention of financial fraud, and anti-money laundering, which involves measures to prevent money laundering and other financial crimes. Additionally, regulatory bodies such as the Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) have been established to investigate and prosecute financial crimes.
- A Fraudulent Financial Transaction is any financial activity that is undertaken with the intention of deceiving another party and obtaining a financial benefit through dishonest means. There are many types of fraudulent financial transactions, including embezzlement, identity theft, money laundering, accounting fraud, and securities fraud. Embezzlement involves the misappropriation of funds by an individual who has been entrusted with them. Identity theft occurs when someone uses another person's personal information to obtain credit or other financial benefits. Money laundering involves concealing the source of illegally obtained funds. Accounting fraud involves the manipulation of financial statements to misrepresent a company's financial performance. Securities fraud involves the manipulation of financial markets and investors to achieve illicit gain.
2017
- Association of Certified Fraud Examiners. (2017). “Financial Transactions & Fraud Schemes"
- QUOTE: Fraud can be devastating to a business, especially as fraud schemes and financial transactions are becoming more complex and sophisticated with technology advancements. Recognizing the wide variety of threatening internal and external fraud schemes, including asset misappropriation schemes, fraud by vendors and corruption is essential to detecting and deterring fraud.