Financial fraud has been a part of transactional business since the dawn of transactional business. If you were unfortunate enough to have been on the other side of an insurance deal with Hegestratos, he would have had you insure the corn cargo on his ship – then removed the corn, sold the corn, sank the ship, and collected his payout. The year was 300 B.C.
Hegestratos then drowned after he was caught in the act and pursued by angry victims. This represented a limitation of the times: Hegestratos had to conduct his fraud in person. In the digital age, fraud is far more anonymous: a confident voice on the phone claiming to be from your bank, a forcefully worded email demanding urgent action or your ac ..
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