Fraud is a deceptive action or procedure of actions which are done intentionally to provide the culprit with a gain or result in withhold lawful rights of a person or community or organisation. Fraud is committed by either hiding the facts or manipulating the crucial information or making false statements. These actions are undertaken with the aim of gaining befits which may not be achieved without fraudulent activities.
The criminals have access to some information which the victim does not have, resulting in duping the victim. Chiefly, firms or individuals committing fraud have the upper hand over victims due to information asymmetry. The investment in technology for verifying and reviewing information related to the people involved in the process will result in the prevention of most of the frauds.