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Fraud Detection and Prevention

According to data cited by the Canadian Institute of Chartered Accountants, the total annual cost of fraud in Canada is nearly $100 million. It takes many different forms—from health fraud to investment fraud to insurance fraud to employee embezzlements. Businesses, organizations, and authorities are putting more resources into detecting and preventing fraud. In this blog post, our New Westminster fraud defence lawyer discusses fraud detection and prevention and provides an overview of criminal fraud charges in British Columbia. 

More Resources are Being Invested in Fraud Detection and Prevention

Broadly defined, the term fraud detection and prevention refers to the strategies that companies, organizations, and authorities use to identify and identify and thwart attempts to obtain property or assets through deception or other wrongful conduct. Fraud detection and prevention is an ongoing process. It is a recurring and systematic cycle of monitoring conduct to identify and follow up on anomalies or other irregularities that suggest possible fraud. Businesses and government agencies across Canada are investing more resources into fraud detection and prevention. 

An Overview of Criminal Fraud Charges in British Columbia

Fraud is a serious criminal offense in Canada. It is generally defined as the overt and intentional act of denying another party—individual, business, organization, or government entity—of their rightful use of money, property, or other assets. Fraud involves deceit, falsehoods, material misrepresentations, or some other form of illicit deception. Fraud is distinguished from theft. Whereas theft involves the unlawful taking of another property, fraud involves another party offering property because of false pretenses. Here is an overview of the fraud statute: 

  • Criminal Fraud: UnderSection 380 of the Criminal Code of Canada, fraud is an indictable criminal offense. A person can be arrested and charged with criminal fraud if they use “deceit, falsehood or other fraudulent means” to obtain property or assets from other false pretenses. 

In Canada, the severity of a fraud charge depends, in large part, on the amount in question. The key dividing line is $5,000. Fraud of under $5,000 is punishable by a maximum of 2 years in prison along with other criminal penalties. Fraud of over $5,000 is punishable by a maximum of 14 years in prison along with other criminal penalties. Of course, not all fraud allegations are substantiated by the evidence. A person accused of fraud is innocent until proven guilty. They have the right to raise a zealous legal defence. A lawyer can review the specific allegations against you and determine the best approach for defending fraud charges. 

Get Help From New Westminster Fraud Defence Lawyer Today

At N.J. Preovolos Law Corporation, our British Columbia criminal defence lawyer is a skilled, effective advocate for justice. If you or your family member was arrested on a criminal fraud charge, we are here as a resource. Contact us today for a free, strictly confidential initial consultation. With a law office in New Westminster, we provide criminal defence representation throughout the region, including in Vancouver, Surrey, Burnaby, Richmond, Port Coquitlam, and Coquitlam.