Anti-Swindler's List: 6 Things You Should Know about Fraud

Fraud is not a modern crime. It is said to have occurred centuries before Christ; one story from Ancient Greece tells of a merchant named Hegestratos and his failed shipping scam. Centuries, even millennia, later, the crime of fraud still runs rampant on both the large and small scale. It has not just penetrated the world of commerce and finance, but it has also saturated the lives of ordinary men and women.

As the world evolves and progresses, so have the means and methods of committing fraud. Nowadays, it does not just happen through spoken word or pen and paper. It is likewise perpetuated through the Internet, credit cards, ATM bank cards, e-mails, and mobile phones.

Be wary of the modern ways of committing fraud, but continue to be cautious of the old and classic ways, which never go out of style. Read on to learn more about fraud, or click on a section to immediately get to that part:

• What is fraud?
• What are the laws governing fraud?
• What are the common examples of fraud?
• How can you guard yourself against these?
• What can you do if you feel you've been the victim of fraud?
• What tips can you follow to stay on the safe side?

1.    WHAT IS FRAUD?

According to Webster’s New World Dictionary, in the realm of law, fraud is defined as the intentional deception to cause a person to give up property or some lawful right.

Thus, there is deceit and damage in fraud.


2.    WHAT ARE THE LAWS GOVERNING FRAUD?

a.    Articles 161 through 189 of the Revised Penal Code punish forgeries, falsifications, other falsities (including false testimonies), and frauds.

b.    Articles 315 through 318 of the Revised Penal Code punish estafa or swindling and other forms of deceit.

c.    Batas Pambansa Blg. 22, otherwise known as the “Bouncing Checks Law,” punishes the issuance of a bouncing check.

d.    Republic Act No. 8484, otherwise known as the "Access Devices Regulation Act of 1998," regulates the issuance and use of credit cards in order to lessen credit card fraud and the circulation of fraudulent credit cards. Credit card companies are now required to disclose their interest rates, annual fees, computation method, and other fees.


(Photo by alexkalina via sxc.hu)