ABSTRACT
On the face of it, fraud appears to be intangible and amorphous, confound-ing comprehension and belief. The newspapers, radio and televisionreport cases such as BCCI, Maxwell, Barings and hosts of complex embezzlements, long firm frauds and scams, and laypeople stand back in amazement at the apparent ingenuity of criminals and the limitless opportunities available to them. After the event, the victims usually look stupid.1
