HOLDERS OF REASON Vol. 2 No.

6 (2024)

FINANCIAL FRAUD: CONCEPTS AND CATEGORIES

Mamajonov.L.A, Sadikov.Z.A, Arziboeva.R.S, Mitillaev.I.T, Avilov.N.Yu,

Sirojetdinov.Sh.B, Usmonov.Sh.A, Akbarova.N.N, Ermatova.S.I, Razzakov.D.X

Annotation: In this article, we will look at the main forms of fraud in Uzbekistan.
The moral and legal foundations of criminal liability laws are identified. The state's efforts
to prohibit this act are taken into account. The importance of this problem and strategies
for citizen safety have been investigated. The global experience in resolving this global
challenge is presented.
Keywords: Fraud and its different expressions. Criminal accountability. Legal
features of fraud. Resistance to corruption. A secure city. Regulatory and legal system.
Government policy. Concept of security.

“Truly clever people pretend all their lives that they abhor cunning, but in reality,
they simply save it for exceptional cases that promise exceptional benefits.”
- Francois VI de La Rochefoucauld
Fraud arose in commodity trade relationships, where the attacker might expect the
most advantage for himself. The frequency of fraudulent offenses has expanded in tandem
with our state's growth and development. Of course, the government attempted to respond
to new events by enacting counter-measures. A growth in the number of rules establishing
culpability for fraud-related offenses may reflect the frequency and public threat.
To date, the importance of fighting this conduct has risen rather than reduced. The
fast expansion of the state's economy, the institution of property, and the increase in the
number of contractual relationships, of course, did not go unnoticed by the fraudsters. In
this regard, it has led to the rise of new sorts of fraud that allow for the deception and
embezzlement of residents' wealth. Plastic cards, mobile phones, and laptops are among
the high-tech technologies in use today. New products, programs, and services are
continually appearing.
In this regard, the President of the Republic of Uzbekistan issued Decree No. 4024
on November 21, 2018, titled "On Measures to Improve the System of Control Over the
Introduction of Information Technologies and Communications, Organization, and Their
Protection."
Fraudulent activities have happened in Uzbekistan since the advent of
contemporary information and communication technology in the sector of state and
public administration, and virtually every second inhabitant is affected. It is naïve to
believe that only the elderly are victims of these invaders; this is far from the fact. Anyone
is susceptible to the enticement of criminal elements.
New sorts of fraud are emerging in this context. Fraud, according to Article 168 of
the Uzbek Criminal Code, is the stealing of someone else's property or the right to
someone else's property by deceit or abuse of trust. The distinction between fraud and
other property crimes is that in situations of fraud, the victims willingly give the fraudster
their property and the right to property.
Fraud is classified into five categories under Article 168 of the Criminal Code. In
four sections, it is specified in which instances the aggravating qualification is used. The

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sixth section discusses mitigating situations. That is, if the harm caused by a crime is fully
repaid after the crime is committed, the accused, suspect, or defendant may not face jail.
Currently, the current meaning of "fraud" encompasses a wide range of criminal
behaviors in a variety of industries, including banking, cellular communications, and
modern information technology. Despite technological variations, all of these behaviors
have a few things in common:
deceitful behavior;
an abuse of trust;
purposeful falsification or omission of facts;
theft of other people's possessions;
illegal ownership of someone else's property.
In most situations, the victim of fraud gives his property or rights to it to criminals
freely and independently.
Bank fraud, for example, can be classified into various categories:
Lending fraud includes crediting monies meant for debt repayment to other
accounts, making loans to non-existent borrowers, and making loans without consumers'
permission.
Cash and settlement service fraud: unlawful debiting of funds from an account,
replacement of counterfeit bills, withdrawal of banknotes from a recalculated bundle
Deposit fraud includes the removal of deposited funds, understatement of quantities
in paperwork, and debiting monies without the client's knowledge.
The majority of bank frauds occur at branches and branches of banks, where there
is less oversight, rather than in huge head offices. There are fewer employees under such
circumstances, but they are involved in more corporate procedures, which offers up
greater potential for illicit activity.
As the market for electronic payments and online commerce expands, more
sophisticated kinds of fraud utilizing information technology emerge. The following are
the most typical kinds of Internet fraud:
The theft of personal data (password, login) in order to steal funds from a bank card
is known as phishing. For phishing, a mailing list with a link to a bogus website is
employed;
E-mail fraud is known as a "Nigerian letter." They include a lovely fable about an
inheritance from a legendary ancestor, as well as a request to transfer funds to an account
in order to receive payment for legal services or a commission;
Fraud using online wallets: In most situations, the customer transfers the
prepayment to the seller's online wallet but does not get the items or the money;
Cellular communication fraud is classified into two types. The first should include
taking money directly from the number owner's account without his awareness. Such
scams can be perpetrated by both cellphone providers and crooks unaffiliated to their
company. The second kind of fraud involves incidents in which the subscriber sends
money to the designated account, pays it up directly to the scammers, or leaves it in the
location suggested by the scammers. Cellular connectivity is solely used as a staging tool
in such schemes. For instance, a phone call from a close cousin who is in distress and
desperately needs money is acted out.

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Money fraud is one of the most vast and complete groupings since practically all
fraud includes the unauthorized ownership of other people's money in some form.
However, there are various types of fraud related with cash notes, either indirectly or
directly. These techniques can be used in stores, booths, and exchange offices. The
simplest and most prevalent type of fraud is the substitution of phony money for real ones
in a bundle (mainly real bills on top and bottom, fake or plain paper in the middle).
"Shortage" is also used; many banknotes are taken from a recalculated bundle of money.
Fraud can also be committed by attempting to take cash from an ATM equipped with a
sensor that reads personal data.
The "assortment" of numerous scams has grown dramatically in recent years,
owing mostly to the introduction of new technology into daily life, such as the Internet,
cellphone phones, online shopping, and banking. Traditional varieties of fraud, on the
other hand, are continually evolving. Street fraudsters offering to acquire valuable things
and front-people creating accidents and offering to bargain on the spot are among them.
A pyramid scheme is one of the largest and most widespread types of scams, involving a
huge number of people at the same time.
All of the most prevalent kinds of fraud have been outlined above, and they all have
one thing in common: they are carried out with the psychology of potential scam victims
in mind. Scams are well planned and are capable of fooling even the most cautious and
observant individuals. As a result, it is critical to remember that personal data, such as a
bank card's password, login, bank account number, code word, and SUU2-code, cannot
be sent to other parties.

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