Fraud is an intentionally misleading and cheating action designed to provide the perpetrator with an unlawful financial or personal gain. It involves the false representation of facts given to another party with the intention of illegally or unethically to gain something that may not have been provided without the deception regardless of providing false statements or deliberately refrain from giving important information. Fraudulent activity can be carried out by one individual, multiple individuals or even a business firm as a whole. In finance sector, fraud can take on many forms including making false insurance claims, cooking the books, pump and dump schemes, and identity theft leading to unauthorized purchases. In a result, fraud costs the economy billions of dollars each and every year, and suspect who are caught and found guilty are subject to fines and jail time (Chen, 2020). However, in Malaysia, there is no such crime called fraud. The Penal Code does not define the word “fraud” but only provides for the following “fraudulent” offences which require “dishonesty” as an essential element in cheating, criminal breach of trust, criminal misappropriation and theft. The word “dishonesty” is defined in Section 24 of the Penal Code as an “intention of causing wrongful gain or wrongful loss to the other party” whereas Section 25 says, in respect of “fraudulently”, that “a person is said to do a th