The'fraud'in the crime of financial fraud is not entirely equivalent to the crime of fraud.Some victim is not completely in the role of being'deceived'.The identity of the actor disclosed to the victim determines the degree of'fraud'is relatively limited,and the'financial cooperation'relationship between the actor and the victim determines that the criminal law should not be excessively involved in financial fraud.To a certain extent,financial risks are the risks allowed by the criminal law.Property in different fields have different tolerance of risk,and their risk prevention and dispute resolution measures are also different,so the criminal law should also be discrepant in the risk intervention.For the crime of financial fraud,the overall direction of the amendments to the criminal law and judicial interpretation is to be gradually more lenient than the crime of fraud for punishment.In judicial practice,it also adheres to the special law priority and further reduces the crime of financial fraud.Punishing financial fraud as the crime of fraud based on the priority of the law excessively focuses on security,ignores the needed efficient value of the financial market,departs from the financial attribute characteristics of the behavior,and constrains the role of finance in supporting economic and social development.