Abstract
]Financial scams have a long history. A long time ago, even in 300 BC, Kautilya in his famous book named “Arthashastra” gave a description of frauds. His exposition on forty ways of embezzlement bears the characteristics of some of the modern day financial frauds. The integration of diverse technological applications, coupled with the fast growth of online users in today’s digitized era, have created increased opportunities for the commission of financial scams. The Australian Competition and Consumer Commission states that one of the best ways to combat financial frauds and scams is to stay one step ahead of the fraudsters by being aware of scams. This article is also an effort to educate the general public on various fraudulent schemes with a view to empowering them to be aware of such scams.
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