Fraud is a growing problem in the United States. With access to online finances and online shopping comes an increased incidence of fraud and scams. According to the Federal Trade Commission (FTC), last year alone, consumers lost $12.5 billion to fraud in the United States. Of this amount, $5.7 billion was due to investment fraud. All too many people fall victim to scams and fraud, but many are unaware of what to do about it. It is helpful to learn more about what is considered fraud in Wisconsin.
Definition of Fraud
Fraud is the intentional act of deception with the intention of deceiving or harming a victim. Harm is generally financial. It often involves a misrepresentation or concealment of facts. The Wisconsin legislature covers various types of fraud. For example, Statute 943 pertains to theft by taking someone’s identity or using someone’s credit card without authorization. Fraud is a crime and may be prosecuted as such. Even when fraud is not a prosecuted crime, a person may file a civil lawsuit against someone who has perpetrated fraud against them. Civil action is the best recourse to try to recover losses from a fraud or scam.
Examples of Fraud
Fraud may encompass a wide range of actions. Fraud typically falls under one of several categories, such as financial fraud, theft by fraud, and insurance fraud. Some of the most common examples of fraud include identity theft, credit card fraud, selling fraudulent products or services, forgery, and passing bad checks, among others. One of the most common types of fraud in recent years is identity theft. There are also many scams designed to steal money from your bank account.
What to Do About Civil Fraud
There are some things you can do if you are the victim of fraud. Report the incident to the police. The police may pursue the crime, but importantly, you make a record of the fraud. You should also report the theft to your bank or credit card if it was involved in the scam. Some credit card providers offer theft protection under some circumstances. Seek legal guidance from an attorney. Your lawyer will help to gather documentation and evidence and may suggest how to proceed with a civil lawsuit.
How an Experienced Attorney Will Help
A knowledgeable attorney understands how to resolve fraud cases. Your attorney has access to professionals, such as forensic specialists, who are able to investigate and locate important evidence to prove your claim. In many cases, fraud cases may be settled outside of court through negotiations. Your lawyer will review the details of the situation to determine your legal options. It is important to note that you should bring legal action as soon as possible to ensure that you will be able to find evidence. The law limits the time to file a fraud lawsuit to three years from the time of discovery of the fraud.
If you are the victim of fraud, we are here to help. Contact us at Moen Sheehan Meyer, Ltd. at (608) 784-8310 or online to request a consultation.