Laugh about being taken in by fraud (6)
I believe the answer is:
scream
'laugh' is the definition.
(I know that scream is a type of laugh)
'about being taken in by fraud' is the wordplay.
'about' becomes 're' ('re' means regarding or about).
'being taken in by' means one lot of letters goes inside another.
'fraud' becomes 'scam' (scam is a kind of fraud).
're' inserted inside 'scam' is 'SCREAM'.
(Other definitions for scream that I've seen before include "Screech" , "Comic" , "one causes great amusement" , "card" , "painting" .)