Question

2. Give a real examples of fraudulent activities and show the benefits of these acts? (Write max 200 words with evidence and in your own words)

Answer 1

Fraud: A phenomenon which occurs when a person wants to cheat/deceive other person in order to obtain either monetary benefits or benefits of value.

Real examples of fraudulent activities:

1. A person with another person severing each other so that they can claim benefits from the insurance company forfeiting his own hand for insurance claim.

2. A clinic in New York treated the patients habitually where there is no requirement of treatment to falsely claim insurance.

3. Likewise various kinds of fraudulent activities are involved in say bank fraud, embezzlement, telephonic frauds etc,.

Benefits of the Acts:

1. The Act finds out the best possible way to avoid fraud practices. Taking certain measures which are already into existence to protect the victim as far as possible.

2. Securities and Exchange Commission is given the power to regulate stocks and taking care of the public confidence into the securities as they cover the major share in the world.

In order to detect the fraudulent activities one can be sure of their particular details and other activities require technology in a huge way where individual probability of finding the fraud is impossible which and where the government gets involved.