As we have become more and more active online so has online criminals. Looking at one type of Internet crimes, online frauds, it is apparent that any-one can be targeted by a fraudster online. It has also been shown that online frauds keep increasing from year to year. It has even been estimated that one third of the adult population in America encounters online fraudsters, annually. In this paper we aimed to increase the knowledge about online frauds. We did this by producing a model that describes the process and aspects of an online fraud as well as a proposed definition of the term "online fraud". In this paper, we present the model and definition that we created and demonstrate their usefulness. The usefulness is demonstrated in our validation step, where we applied the definition to known online fraud schemes. We also conducted an interview in which the model was said to be useful in order to explain how an online fraud scheme was carried out, during a criminal prosecution. As such, that demonstrates that our model can be used to increase the understanding of online frauds.