Abhishek Rungta

Over years, we have been subject to several frauds.

It can be a political fraud when someone do horse-trading of members of legislative assembly / parliament to reach the coveted majority mark in the parliament. Or cast their influence to get a contract awarded to his favorite business house.

Then we have been subjected to corporate fraud where Harshad Mehta brings down the market single-handed or highly recognized corporate teams bring down companies like Lehman Brothers, Enron, Worldcom and most recently Satyam.

So what’s next?
I can see a high probability of a social media fraud!

This is very much probable due to the volume of social content that is being created and the level at which private data is getting exposed to the public (or is at risk of getting exposed). There are so many companies launching sites which collect and process personal and business information as Web2.0 web services or SaaS systems. Many of them claim to have solid privacy policies and data protection measures. However, I seriously doubt the claims of most websites and waiting for someone to come up and disclose that they have been funding their operations by misusing the copyrights or selling private information in sizable chunks to third parties.

I was just wondering at its probability and the consequences. Any ideas?