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Incompetence

Definition

1.  Lack of legal ability to do something, especially to testify or stand trial.  Also known as "incompetency."  May be caused by various types of disqualification, inability, or unfitness.  Someone who is judged incompetent by means of a formal hearing may have a guardian appointed by the court.  Sometimes the sole disqualification is age; see minority.

 

Money laundering

money laundering: an overview

Money laundering refers to a financial transaction scheme that aims to conceal the identity, source, and destination of illicitly-obtained money. The money laundering process can be broken down into three stages. First, the illegal activity that garners the money places it in the launderer’s hands. Second, the launderer passes the money through a complex scheme of transactions to obscure who initially received the money from the criminal enterprise. Third, the scheme returns the money to the launderer in an obscure and indirect way.

Insurance fraud

insurance fraud: an overview

Insurance fraud refers to any duplicitous act performed with the intent to obtain an improper payment from an insurer. The pervasiveness of insurance fraud drives up costs for all consumers and costs the insurance industry billions of dollars each year. One authority estimates that the annual value of insurance fraud approaches $80 billion. Detecting insurance fraud is difficult because of the surreptitious nature by which the criminal perpetrates the fraud.

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Healthcare fraud

health care fraud: an overview

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Phone and telemarketing fraud

Phone and Telemarketing Fraud: an overview

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Credit card fraud

credit card fraud: an overview

Credit card fraud is a form of identity theft that involves an unauthorized taking of another’s credit card information for the purpose of charging purchases to the account or removing funds from it. Federal law limits cardholders’ liability to $50 in the event of credit card theft, but most banks will waive this amount if the cardholder signs an affidavit explaining the theft.

Credit card fraud schemes generally fall into one of two categories of fraud: application fraud and account takeover.

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