Why is there a 3 year statute of limitations on fraud?

Isn't the statute of limitations calculated from the date of discovery? I guess the victims knew and never said anything for 3 years??

In California, the statute of limitations does not begin until the discovery by the aggrieved party. At that point, the injured party has three years to file a case.

The reason the clock starts upon discovery (not commission of the act) is because in many cases the aggrieved party may not discover the fraud right away. However, once discovered, the three year clock starts.

The reason for any statute of limitations is that justice is never served by delays. Witnesses forget, people die, evidence disappears. If you are wronged, you have an obligation to file your charges in a timely fashion.

Well the clock starts ticking when one could be expected to reasonably discover such fraud. In the case of a credit card one could reasonably expect this statute of limitations to start after 90 days or however long the credit card company allows you to file a complaint... Terrible system if it allows crooks to get away with fraud and theft. But understandable from a point of prejudicing the accused, lost paperwork, faded memories, etc...