Food fraud is a criminal intent motivated by economic gain to adulterate or misrepresent food ingredients and packaging. The development of a reliable food supply system is at great risk under globalization, but Food Business Operators (FBOs) have a legal obligation to implement and maintain food traceability and quality at all stages of food production, processing, and distribution. Incidents of food fraud have a strong negative impact on consumer confidence in the food industry. Therefore, local and international regulatory mechanisms are established to prevent or mitigate food fraud. This review brings new perspectives linking EU and US legislation, as well as new definitions and descriptions of the criminal aspect of food fraud incidents. It also describes certain new insights into the application of state-of-the-art methods and techniques that provide valuable tools for geographic, botanical, or other chemical markers of food authenticity. The review also provides an overview of the most common cases of food fraud worldwide from 2010 to 2020. Further research is needed to support the development of predictive models for innovative approaches to adulteration, especially when some valuable nutrients are replaced by toxic ingredients. A possible solution to minimize food fraud incidents is to increase the level of risk-based inspections, establish more productive monitoring and implementation of food protection systems in the supply chain, and implement better ingredient control and certification. National and international (e.g., regional) police offices for food fraud should be introduced, possessing knowledge and skills in food, food safety, food processing, and food products, as initial positive results have emerged in some countries.