In short, all scams are fraud, but not all fraud is a scam.
The terms "fraud" and "scam" are thrown around a lot, but they're not the same thing.
Fraud
Fraud refers to “unauthorised” fraud. It involves any act of deception to gain an unfair advantage. This includes hacking into someone's personal information or financial accounts without permission. When it happens, you usually haven't been active in the fraud as you didn't give the scammer permission to do anything.
Examples include:
- Identity theft
- Credit card fraud
- Financial statement fraud
Scam
A scam, or “authorised fraud”, tricks you into giving away your money or personal info. Scammers use clever tactics to gain your trust and get you to authorise their actions. Here are some common examples:
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