A scam is a fraudulent operation that someone makes money from. There can be different types of scams, to do with insurance, the sale of counterfeit (illegal) products such as fake designer brands, art, etc. Internet scams are particularly popular in this day and age, of course.
The Merriam Webster dictionary is particularly good for definitions because it takes recent references from internet sources to help you place the word in context. You can get the definition of scam as well as real world examples for it here.
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