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Wire Fraud. DEFINITION of 'Wire Fraud'. A situation where a person concocts a scheme to defraud or obtain money based on false representation or promises. This criminal act is done using electronic communications or an interstate communications facility. BREAKING DOWN 'Wire Fraud'. Like any type of fraud, wire fraud is a federal offense.
In law, fraud is deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud itself can be a civil wrong, a criminal wrong or it may cause no loss of money, property or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, such as obtaining a passport or travel document, driver's license or qualifying for a mortgage by way of false statements. A hoax is a distinct concept tha