Question

What is fraud? 2) Give an example of when they have heard the word used in the past. 3) Given an example of a type of fraud. 4) How do you think fraud will affect an individual’s well-being?

Answer 1

Fraud is a deliberate deception or misrepresentation for gain, such as manipulating financial statements. Identity theft is a common type of fraud. Fraud can negatively impact an individual's well-being through financial losses and emotional distress.

Step-by-step explanation:

Fraud:

Fraud is a deliberate deception or misrepresentation to gain an unfair advantage, usually for financial gain. It involves tricking or misleading someone through false information, false documents, or false promises.

Example of Use:

A person might hear the word "fraud" when discussing a news article about a company that was caught manipulating its financial statements to inflate its stock prices. This is an example of financial fraud.

Example of Type:

A common type of fraud is identity theft, where someone gains access to another person's personal information, such as their social security number or credit card details, and uses it for fraudulent activities.

Impact on Well-being:

Fraud can have severe negative effects on an individual's well-being. Financial fraud can lead to significant monetary losses, leaving individuals in financial distress. It can also cause stress, anxiety, and a loss of trust in others.