Fraud is basically misrepresentation or deception. Fraud is a crime and also an offence at civil law. In common usage of the word fraud also includes various metaphors related to false statements, actions and behavior.
Perhaps the most common and illustrative example of fraud is the 'salting the goldmine' type. During the gold rush days the owners of worthless goldmines would 'salt' the mine with evidence of gold to sell the mine.
This is basically misrepresentation, and is exactly the same process as other types of fraud which claim a high value for something which is worth much less. Many types of fraud are actually based on simple lies. A variation on this type of fraud is implied high value, like selling worthless stocks on the basis that their value is about to increase dramatically.
Fraud covers a wide range of criminal acts including:
Each of these types of fraud involves providing information obtained on trust.
Common usage means of fraud
In common usage, the word fraud effectively translates as 'fake'. When used to refer to a person, it's extremely disparaging. When used to refer to a type of business, product commercial transaction, the meaning is closer to its legal meaning.
Note: To describe someone is a fraud can be considered defamatory.
(Delegated member of organization)