The Fraud Act 2006 is a key piece of legislation in the United Kingdom that addresses various forms of fraud. It simplifies previous laws by consolidating different types of fraud into a single framework, making it easier to prosecute offenders. The Act defines fraud in three main ways: by false representation, by failing to disclose information, and by abuse of position. Under the Fraud Act 2006, individuals found guilty of fraud can face severe penalties, including imprisonment and fines. The Act aims to protect individuals and businesses from fraudulent activities, ensuring that justice is served and that victims can seek redress for their losses.