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.
Fraud has the intention of hiding the criminal act of stealing, while theft does not.
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.
Bank robbery is theft while bank embezzlement is fraud.
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