The speech itself is protected, but speech can be deemed a tort in a civil proceeding, regardless. Freedom of speech protects opinions and best-effort reporting of facts, not necessarily all speech. Granted, we have to be careful not to exclude too much from protected speech, or we will never have the right again. The canonical example is causing panic with malice of intent, such as yelling fire!, fire!, fire! in a crowded hall, knowing well that there is no fire and with the intent is to cause a trampling hazard.

Fraud usually has to do with commercial statute (in the U.S., the UCC), where misrepresenting goods is grounds for a civil dispute.