Increasing Fraud Rates in Canada, Essay Example

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Essay

Description of the problem

A fraud is an act which is categorized under criminal law as unlawful gain by an individual which is based on deception of another party. A fraud is a type of crime that entails the act of obtaining money in unlawful manner.  A fraud may occur when a person obtains money through means which are against the law and is therefore guilty of an offence which is punishable by law.  The common nature frauds in the society and especially in Canada is money frauds, however people are also frauded other valuable commodities which are of high value. The main intention of the fraudster is to gain money or an item of value from the victim and thus causing damaging to him or her (Green 2006).

Frauds, just like most crimes in the society traces their routes course to the social problems in the society. Green (2006) in his view asserts that crimes are committed in the society when individuals or groups of people are not able to obtain the basic human needs; the author adds that no crime can be committed out of leisure or as an act satisfy the human hobby activities.  A fraud should therefore be treated like any other act of stealing whose impacts results to damages on the victim.

Nigrini & Mark (2011) contributes to the view by adding frauds just like most crimes  are committed when an individual is in need of something such as money that  is aimed to solve a given problem. Crimes are committed by those who are not contented with what they have and therefore opt for unlawful means of obtaining material gain. Money frauds for instance are committed by individuals who are in need of money to satisfy particular pressing needs that have to be fulfilled. Frauds are also committed by institutions or entities for instance a supplier may fraud its buying organization and thus resulting to financial damages.

Frauds have become very costly to the society and Canada has lost a lot due to frauds.  Research shows that financial organizations in Canada such banks lose a lot of money through frauds that greatly reduces the value of their revenues.  In most organizations in the country frauds are committed by employees and surprisingly the top notch managers of organizations. However, financial institutions such as banks fall victims by their clients and trade partners (Nigrini & Mark 2011).

The common avenues used by fraudsters in Canada include application of telephones, mails and internets. The internet fraud has become the common type and very difficult to deal with due to the fact that it takes international perspective and the criminals in this avenue are very difficult to trace.

Proposed solution

To solve this problem, the Canadian society should ensure that it establishes campaigns to enlighten the people on the effects of frauds and this should include everybody including the younger people in the society. The society should also establish anti-fraud bodies to combat the spread of fraud. There is need to ensure that the criminal code provides clear guide lines on how to punish the criminals who commit such offence.

Proper guidance and counseling should be done to the fraudsters to ensure that they cannot repeat the crime and this should be accompanied with the necessary legal actions.

The government should put down initiatives to prevent the occurrence of fraud on the predisposed sectors such as banks.

Proper control of internet communications to reduce the spread of frauds through the avenue

Justification for the proposed solution

The solutions to combat fraud in Canada are very justifiable as they help the government to reduce the rate of fraud, for instance controlling communications through the internet will significantly reduce the spread of fraud through this avenue. Anti-fraud campaigns also stand the better chance to create awareness on the effects of fraud. Protecting banks and other financial institutions in the society enable these institutions to increase their revenues and hence contribute to the economic development of the nation.

Works cited

Nigrini, K & Mark, N “Forensic Analytics: Methods and Techniques for Forensic Accounting Investigations, 3ed O.U. P. 2011.

Green, P. Lying, Cheating, and Stealing: A Moral Theory of White Collar Crime. Oxford University Press.

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