Petros Orphanides, CFA Society Cyprus Most of us are familiar with the old "Nigerian Prince" scam, a classic example of online fraud that many dismiss as an outdated relic of the internet's early days. But fraud is far from outdated. In fact, 34% of people worldwide experienced a cyber scam in the past year, and about one in four of them lost money. Here in Cyprus, fraudulent payment transactions jumped by 34% in volume and 26% in value in just the second half of 2024, leading to €3 million in losses. Fraud is not just a story you hear about, it's real, it's growing, and it can happen to anyone! So, what is fraud? It is a deliberate act of deception intended for personal gain or to cause a loss to another party typically involving false claims, misleading information, or concealment of important facts to induce someone to act to their detriment. At its core, fraud almost always includes intent, deception and loss. Understanding these...