What is the difference between theft and fraud?

Theft generally involves dishonestly taking or converting property without a lawful right to do so. Fraud involves a dishonest act—such as deceit, a falsehood or another fraudulent means—that causes an actual loss or places another person’s financial interests at risk.

The offences can overlap, but the evidence and legal elements are different. A financial disagreement or breach of contract does not become fraud merely because one party lost money.