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Abuse of position of trust.

The term "position" is used for business owners, employers, employees or company directors. The offence occurs when they commit fraud by gaining financially due to their position of authority or control.

When someone has powers, and they misuse them to benefit their family or friends, for example, those caregivers or officials who are responsible for looking after or taking care of the vulnerable ageing or medically unfit individuals who are dependent on them for financial and personal needs. 

If they take advantage and access their personal or bank details or other information and use it for their benefits or misuse it for embezzlement of funds, it leads to abuse of position. 

Also, it applies to people who are particularly mentally and physically dependent on others; if someone entrusted with financial duties tries to deliberately abuse their position to gain financially from the dependent person, it leads to fraud where a person desires to profit dishonestly from the situation. 

It also refers to the case where someone deliberately commits abusing a position regardless of any outcome. Some indulge in such acts of multiple offences, which involve a huge amount of money transfers over a long period. They steal funds by misusing their powers, leading to the loss to the client.

How To Identify It?

  • If someone whom you trusted for giving a financial decision pressures into making a quick decision.

  • If you are asked not to tell anyone about the financial deal, keep it a secret from other trustees or if you see suspicious transactions or bank transfers from your account. 

How To Protect Yourself?

  • Ensure the people you hire for making any financial decision can be trusted, and do not be afraid to replace the person if you doubt any activity.

  • Hire more than one employee / professional to make joint financial decisions and be ready to handle suspicious behaviour. 

  • In case you suspect fraud, raise concerns; report it to the regulatory office.

Date Published: Feb 19, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.
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