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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.
Fraud is a broad term that refers to a variety of offenses involving dishonesty or fraudulent acts. In essence, fraud is the intentional deception of a person or entity by another made for monetary or personal gain.hat the Law Says About Fraud. Laws against fraud vary from state to state, and can be criminal or civil in nature. Criminal fraud requires criminal intent on the part of the perpetrator, and is punishable by fines or imprisonment.