Here is the American Dictionary definition:
fraud (frôd)

NOUN:

A deception deliberately practiced in order to secure unfair or unlawful gain.
A piece of trickery; a trick.

One that defrauds; a cheat.
One who assumes a false pose; an impostor.

I'm sorry to the lawyer that thinks "fraud" is only a legal term, it is not. It is as stated above. You will be deliberately practicing a deception in order to secure UNFAIR gain. And as such would be a "CHEAT". You are costing the business a percentage of the transaction and a transaction fee when you make the purchase. You are costing the business another transaction fee when you return it. You are costing the bank a percentage to one of the credit card associations. If you do this, and they let you, the employee just violated the T&C of the credit card agreement. You just violated your T&C of your credit card agreement. Just because you could be killed and ground up in a meat grinder, cremated, and your ashes sprinkled in the south pacific and the perpertrator never gets caught does not make him innocent!