Fraud Crimes, Trends & Typologies

Fraud is a criminal offense that refers to intentional deception to secure or gain unfair or unlawful profit or deprive the legal right of property ownership. Fraud involves misrepresenting facts either by words or by conduct, withholding vital information, or making false statements made by one party (perpetrator) to another, causing financial, nonfinancial, or potential loss to another party (victim).

In the UAE, fraud is one of the most common crimes facing the financial sector. Fraud crimes are committed daily. While law enforcement and other bodies trace and prosecute financial criminals, fraudsters develop more sophisticated methods to commit such crimes.

The examined sample reviewed by the UAEFIU of STRs/SARs and ISDs/IRIs underlined different fraud patterns and trends, including the following:

• Scam Fraud
• Fake Products/Fake Websites Fraud
• Fake Visa/Ticketing Fraud
• Investment Scam
• Fraud Phishing/Vishing
• Forgery/Counterfeit

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