Difference Between Fraud and Theft
Fraud vs theft
Fraud and theft have a lot in common. Both are criminal acts, and both are forcibly taking something from others without asking permission. Both are all about stealing and both are bad things. The damage they can inflict may be big or small but it’s taking from someone nonetheless. People should be careful with thieves and fraudsters, that is why knowing the differences between these two criminals is very important. First let us know the definition of the two.
Fraud is a deceit or trickery over another to gain profit and an untruthful advantage. Fraud is an intentional deception so that the one doing the act may gain advantage or may profit form it. This is also done so that another individual may be damaged. The main purpose of fraud is to take money or other valuable things from other people. However, there are also other kinds of fraud, like gaining monetary value of science works in an illegal way.
Theft on the other hand is taking something from another person without the consent of that person. It is a crime against property, like money and other valuable things. Looting, mugging, robbery and burglary are types of theft. Someone who has been doing theft for a long time, like it has become his way of living, is called a thief.
The main difference between a fraudster and a thief is that fraudster tends to hide his crime to the point that he does not want his victim to know that he has taken something away from that person. The fraudster will make sure that the crime will be hidden during the act and even after the crime is already done. The crime must be hidden as long as it can be; this is the main objective of the fraudster. Unlike theft, the crime is known during the act and even shortly after committing the act. This is the main difference between the two acts of crime; one is hidden while the other will easily be known. Another difference is how the thief knows that he cannot hide the act of stealing, so makes no effort of hiding the act. Unlike that of the fraudster, he intends to hide the act of stealing so he gives extra effort in making a scheme of how he can steal something without anyone knowing.
When one robs a bank, it is evidently a theft, but when one embezzles a bank then that is a fraud. Sometimes there are frauds that are found out after a year or two.
So be careful of the fraudsters and the theft because they might just be lurking around the corner waiting to strike and get your valuables.
SUMMARY:
1.
Fraud has the intention of hiding the criminal act of stealing, while theft does not.
2.
Thieves know they can’t hide the act so they don’t make much effort to hide it, while the fraudster makes an extra effort to hide the act.
3.
Bank robbery is theft while bank embezzlement is fraud.
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This is just plain wrong, right at the start.
“both are forcibly taking something from others without asking permission”
No. Theft and fraud do not involve force. Theft with force is called “robbery”. It’s a different crime. Theft is not robbery. Fraud is not robbery.
Agree. Sophomoric, incorrect and grammatically troublesome as well.
Burglary is not a form of theft. Burglary is entering a building without license to do so with the intent to commit a felony inside the building. A person who breaks into a house with the intent to murder the occupants has committed burglary.
Your definition is entirely wrong. “Theft” means taking away something that is not yours and that you have no right to take away. “Fraud” is convincing someone through deception to hand over something to you that you have no right to have.
Neither is about “forcibly” taking away something, but a fraudster isn’t taking away anything, he or she convinces somebody to hand over the victims property.
And a thief will also try to hide the fact from you that something was stolen. A thief stealing expensive jewellery may hide the fact by leaving a cheap copy behind. Fraud may be detected very quickly; if a fraudster sells fake concert tickets, the victim will find out very quickly when they are refused entry to the concert.
The writer owns some mining claims on the west coast of British Columbia. The oer must do assessment work each year to keep title to such claims. In this instance the writer hired a propector to obtain by walking along a decided area and chipping off rock that when analysed gives the mineral content. The prospector that was hired and agreed to walk the walk and take rock samples along a 4000 foot trail mapped out by the owner. During a specified time and place taking rock samles and shiping them to the owners office. for identification. The prospector agreed to ship a specified umber of rock samples on a specified date but failed to do so. no reason given. The prospectors emails to the owner indicates the prospector is actively obtaining samples but also indicates he wants payment in advance for the taking of samples. The owner complies and sends the prospectors bank account payment if full. The prospectors continues to send emails to the owner assuring him that he is taking samples of rock as agreed and agrees to sending sample, but in th end of the specified time then decides to throw the rock samples of which he says he has along with any data onto an unknown location and says good bye good riddance ad even though he was told by a local law enforment officer that he would be charged for this act in civil court action decides to hide some technical equipment that is loaned to him states he fell into a shaft where he lost the technical equipment so that he could then hide the equipment for his future use for his benefit, to aid in finding sample rocks The owners ends up paying for the services required with mineral content decides to orchestrate an event where he states he lost the equipment, Now the owners has paid for the services lost the equipment and th law enforcement officer says I must sue in civil court to pay a lawyer huge sums to regain possibly the money paid and the equipment lost, There are several eails sent by th prospector that indicates he was actively working on the property when it was noted he never left his computer that he orchestrated all the events. and never once set foot on the property, The law enforcement officer failed to do an interview with the accused to get answers and closed the account out. Is this a fair way to settle an event that is obviously Fraud and theft by the accused. Harold Oppelt