What is the difference between private and public fraud?

Fraud is a broad term that describes a variety of crimes such as deception and cheating to gain something for nothing or less than its true value. It can occur in the private or public sector. Private fraud involves someone deceiving or stealing another person’s money or property to benefit themselves. Public fraud occurs when the target of the fraud is a government or its agencies. Private fraud typically involves a perpetrator taking advantage of another individual or business for money or resources. This could include embezzlement, identity theft, investment fraud, or consumer fraud. Perpetrators of private fraud often try to take advantage of an individual’s vulnerability or lack of knowledge. Public fraud involves one or more individuals deceiving or stealing resources from the government or its agencies. This type of fraud can occur at any level of government, from local to federal. Public fraud is often more complex than private fraud, and perpetrators often require specialized knowledge in order to succeed. Examples of public fraud include government contract fraud, tax evasion, ticket fixing, and bribery. In both private and public fraud, the perpetrator often benefits in some way, usually monetarily. However, public fraud often has greater consequences due to the resources and power of the government. Therefore, those found guilty of public fraud may face more severe penalties than those found guilty of private fraud.

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