Your statement is incorrect. The term "fraud" has commonly accepted meanings other than the legal one.
From Merriam-Webster:
Main Entry: 1 a: deceit, trickery; specifically : intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right b: an act of deceiving or misrepresenting : trick
2 a: a person who is not what he or she pretends to be : impostor; also : one who defrauds : cheat b: one that is not what it seems or is represented to be
When somebody calls it “business fraud” that more than implies a legal definition of the word.