Corporate Fraud is defined as activities undertaken by an individual or company that are done in a dishonest or illegal manner and are designed to give an advantage to the perpetrating individual or company. Frauds committed by large organization is also known as Corporate Fraud.
Corporate Fraud has become so prevalent it is almost epidemic as seen in the rising numbers of fiscal loss.
In 2005 the estimated losses from fraud was 638 billion. Just 3 years prior in 2002 numbers were estimated at $600 billion and in 1996, $400 billion.
High profile companies saturating the headlines like Enron, WorldCom, Xerox and Arthur Anderson have called for tougher laws to fight Corporate Fraud.