A simple definition of fraud is when a person deliberately practices deception in order to gain something unlawfully or unfairly. Fraud can be classified as either a civil or criminal wrong and there are a number of ways to commit fraud. The most pervasive types are: Asset misappropriation; cybercrime; bribery and corruption; Procurement Fraud; and Accounting fraud. The primary control weaknesses that contribute to fraud are: Lack of Internal Control; Lack of Management review; Override of existing Internal Controls, Poor tone at the top; and Lack of competent personnel in oversight Roles. In closing, it is evident that company detection methods need to be put in place to combat economic crime and the onus is squarely on the shoulders of the business community to protect itself and its stakeholders.