Many people treat cyber threats and digital fraud as a new phenomenon that only appeared with the development of the internet. But fraud – intentional deceit to manipulate a victim – has always existed; it is just the tools that have changed.
In a recent online course for the Open Institute of Technology (OPIT), AI & Cybersecurity Strategist Tom Vazdar, chair of OPIT’s Master’s Degree in Enterprise Cybersecurity, demonstrated the striking parallels between some of the famous fraud cases of the 18th century and modern cyber fraud.
Why does the history of fraud matter?
Primarily because the psychology and fraud tactics have remained consistent over the centuries. While cybersecurity is a tool that can combat modern digital fraud threats, no defense strategy will be successful without addressing the underlying psychology and tactics.
These historical fraud cases Vazdar addresses offer valuable lessons for current and future cybersecurity approaches.
The South Sea Bubble (1720)
The South Sea Bubble was one of the first stock market crashes in history. While it may not have had the same far-reaching consequences as the Black Thursday crash of 1929 or the 2008 crash, it shows how fraud can lead to stock market bubbles and advantages for insider traders.
The South Sea Company was a British company that emerged to monopolize trade with the Spanish colonies in South America. The company promised investors significant returns but provided no evidence of its activities. This saw the stock prices grow from £100 to £1,000 in a matter of months, then crash when the company’s weakness was revealed.
Many people lost a significant amount of money, including Sir Isaac Newton, prompting the statement, “I can calculate the movement of the stars, but not the madness of men.“
Investors often have no way to verify a company’s claim, making stock markets a fertile ground for manipulation and fraud since their inception. When one party has more information than another, it creates the opportunity for fraud. This can be seen today in Ponzi schemes, tech stock bubbles driven by manipulative media coverage, and initial cryptocurrency offerings.
The Diamond Necklace Affair (1784-1785)
The Diamond Necklace Affair is an infamous incident of fraud linked to the French Revolution. An early example of identity theft, it also demonstrates that the harm caused by such a crime can go far beyond financial.
A French aristocrat named Jeanne de la Mont convinced Cardinal Louis-René-Édouard, Prince de Rohan into thinking that he was buying a valuable diamond necklace on behalf of Queen Marie Antoinette. De la Mont forged letters from the queen and even had someone impersonate her for a meeting, all while convincing the cardinal of the need for secrecy. The cardinal overlooked several questionable issues because he believed he would gain political benefit from the transaction.
When the scheme finally exposed, it damaged Marie Antoinette’s reputation, despite her lack of involvement in the deception. The story reinforced the public perception of her as a frivolous aristocrat living off the labor of the people. This contributed to the overall resentment of the aristocracy that erupted in the French Revolution and likely played a role in Marie Antoinette’s death. Had she not been seen as frivolous, she might have been allowed to live after her husband’s death.
Today, impersonation scams work in similar ways. For example, a fraudster might forge communication from a CEO to convince employees to release funds or take some other action. The risk of this is only increasing with improved technology such as deepfakes.
Spanish Prisoner Scam (Late 1700s)
The Spanish Prisoner Scam will probably sound very familiar to anyone who received a “Nigerian prince” email in the early 2000s.
Victims received letters from a “wealthy Spanish prisoner” who needed their help to access his fortune. If they sent money to facilitate his escape and travel, he would reward them with greater riches when he regained his fortune. This was only one of many similar scams in the 1700s, often involving follow-up requests for additional payments before the scammer disappeared.
While the “Nigerian prince” scam received enough publicity that it became almost unbelievable that people could fall for it, if done well, these can be psychologically sophisticated scams. The stories play on people’s emotions, get them invested in the person, and enamor them with the idea of being someone helpful and important. A compelling narrative can diminish someone’s critical thinking and cause them to ignore red flags.
Today, these scams are more likely to take the form of inheritance fraud or a lottery scam, where, again, a person has to pay an advance fee to unlock a much bigger reward, playing on the common desire for easy money.
Evolution of Fraud
These examples make it clear that fraud is nothing new and that effective tactics have thrived over the centuries. Technology simply opens up new opportunities for fraud.
While 18th-century scammers had to rely on face-to-face contact and fraudulent letters, in the 19th century they could leverage the telegraph for “urgent” communication and newspaper ads to reach broader audiences. In the 20th century, there were telephones and television ads. Today, there are email, social media, and deepfakes, with new technologies emerging daily.
Rather than quack doctors offering miracle cures, we see online health scams selling diet pills and antiaging products. Rather than impersonating real people, we see fake social media accounts and catfishing. Fraudulent sites convince people to enter their bank details rather than asking them to send money. The anonymity of the digital world protects perpetrators.
But despite the technology changing, the underlying psychology that makes scams successful remains the same:
- Greed and the desire for easy money
- Fear of missing out and the belief that a response is urgent
- Social pressure to “keep up with the Joneses” and the “Bandwagon Effect”
- Trust in authority without verification
Therefore, the best protection against scams remains the same: critical thinking and skepticism, not technology.
Responding to Fraud
In conclusion, Vazdar shared a series of steps that people should take to protect themselves against fraud:
- Think before you click.
- Beware of secrecy and urgency.
- Verify identities.
- If it seems too good to be true, be skeptical.
- Use available security tools.
Those security tools have changed over time and will continue to change, but the underlying steps for identifying and preventing fraud remain the same.
For more insights from Vazdar and other experts in the field, consider enrolling in highly specialized and comprehensive programs like OPIT’s Enterprise Security Master’s program.
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From the same author
Read the articleBring talented tech experts together, set them a challenge, and give them a deadline. Then, let them loose and watch the magic happen. That, in a nutshell, is what hackathons are all about. They’re proven to be among the most productive tech events when it comes to solving problems and accelerating innovation.
What Is a Hackathon?
Put simply, a hackathon is a short-term event – often lasting just a couple of days, or sometimes even only a matter of hours – where tech experts come together to solve a specific problem or come up with ideas based on a central theme or topic. As an example, teams might be tasked with discovering a new way to use AI in marketing or to create an app aimed at improving student life.
The term combines the words “hack” and “marathon,” due to how participants (hackers or programmers) are encouraged to work around-the-clock to create a prototype, proof-of-concept, or new solution. It’s similar to how marathon runners are encouraged to keep running, putting their skills and endurance to the test in a race to the finish line.
The Benefits of Hackathons
Hackathons provide value both for the companies that organize them and the people who take part. Companies can use them to quickly discover new ideas or overcome challenges, for example, while participants can enjoy testing their skills, innovating, networking, and working either alone or as part of a larger team.
Benefits for Companies and Sponsors
Many of the world’s biggest brands have come to rely on hackathons as ways to drive innovation and uncover new products, services, and opportunities. Meta, for example, the brand behind Facebook, has organized dozens of hackathons, some of which have led to the development of well-known Facebook features, like the “Like” button. Here’s how hackathons help companies:
- Accelerate Innovation: In fast-moving fields like technology, companies can’t always afford to spend months or years working on new products or features. They need to be able to solve problems quickly, and hackathons create the necessary conditions to deliver rapid success.
- Employee Development: Leading companies like Meta have started to use annual hackathons as a way to not only test their workforce’s skills but to give employees opportunities to push themselves and broaden their skill sets.
- Internal Networking: Hackathons also double up as networking events. They give employees from different teams, departments, or branches the chance to work with and learn from one another. This, in turn, can promote or reinforce team-oriented work cultures.
- Talent Spotting: Talents sometimes go unnoticed, but hackathons give your workforce’s hidden gems a chance to shine. They’re terrific opportunities to see who your best problem solvers and most creative thinkers at.
- Improving Reputation: Organizing regular hackathons helps set companies apart from their competitors, demonstrating their commitment to innovation and their willingness to embrace new ideas. If you want your brand to seem more forward-thinking and innovative, embracing hackathons is a great way to go about it.
Benefits for Participants
The hackers, developers, students, engineers, and other people who take part in hackathons arguably enjoy even bigger and better benefits than the businesses behind them. These events are often invaluable when it comes to upskilling, networking, and growing, both personally and professionally. Here are some of the main benefits for participants, explained:
- Learning and Improvement: Hackathons are golden opportunities for participants to gain knowledge and skills. They essentially force people to work together, sharing ideas, contributing to the collective, and pushing their own boundaries in pursuit of a common goal.
- Networking: While some hackathons are purely internal, others bring together different teams or groups of people from different schools, businesses, and places around the world. This can be wonderful for forming connections with like-minded individuals.
- Sense of Pride: Everyone feels a sense of pride after accomplishing a project or achieving a goal, but this often comes at the end of weeks or months of effort. With hackathons, participants can enjoy that same satisfying feeling after just a few hours or a couple of days of hard work.
- Testing Oneself: A hackathon is an amazing chance to put one’s skills to the test and see what one is truly capable of when given a set goal to aim for and a deadline to meet. Many participants are surprised to see how well they respond to these conditions.
- Boosting Skills: Hackathons provide the necessary conditions to hone and improve a range of core soft skills, such as teamwork, communication, problem-solving, organization, and punctuality. By the end, participants often emerge with more confidence in their abilities.
Hackathons at OPIT
The Open Institute of Technology (OPIT) understands the unique value of hackathons and has played its part in sponsoring these kinds of events in the past. OPIT was one of the sponsors behind ESCPHackathon 6, for example, which involved 120 students given AI-related tasks, with mentorship and guidance from senior professionals and developers from established brands along the way.
Marco Fediuc, one of the participants, summed up the mood in his comments:
“The hackathon was a truly rewarding experience. I had the pleasure of meeting OPIT classmates and staff and getting to know them better, the chance to collaborate with brilliant minds, and the opportunity to take part in an exciting and fun event.
“Participating turned out to be very useful because I had the chance to work in a fast-paced, competitive environment, and it taught me what it means to stay calm and perform under pressure… To prospective Computer Science students, should a similar opportunity arise, I can clearly say: Don’t underestimate yourselves!”
The new year will also see the arrival of OPIT Hackathon 2026, giving more students the chance to test their skills, broaden their networks, and enjoy the one-of-a-kind experiences that these events never fail to deliver. This event is scheduled to be held February 13-15, 2026, and is open to all OPIT Bachelor’s and Master’s students, along with recent graduates. Interested parties have until February 1 to register.
Read the articleThe Open Institute of Technology (OPIT) recently held its first-ever career fair to showcase its wide array of career education options and services. Representatives from numerous high-profile international companies were in attendance, and students enjoyed unprecedented opportunities to connect with business leaders, expand their professional networks, and pave the way for success in their future careers.
Here’s a look back at the event and how it ties into OPIT’s diverse scope of career services.
Introducing OPIT
For those who aren’t yet familiar, OPIT is an EU-accredited Higher Education Institution, offering online degrees in technological fields such as computer science, data science, artificial intelligence, cybersecurity, and digital business. Aimed at making high-level tech education accessible to all, OPIT has assembled a stellar team of tutors and experts to train the tech leaders of tomorrow.
The First OPIT Career Fair
OPIT’s first career fair was held on November 19 and 20. And as with OPIT’s lectures, it was an exclusively online event, which ensured that every attendee had equal access to key lectures and information. Interested potential students from all over the world were able to enjoy the same great experience, demonstrating a core principle that OPIT has championed from the very start – the principles of accessibility and the power of virtual learning.
More than a dozen leading international companies took part in the event, with the full guest list including representatives from:
- Deloitte
- Dylog Hitech
- EDIST Engineering Srl
- Tinexta Cyber
- Datapizza
- RWS Group
- WE GRELE FRANCE
- Avatar Investments
- Planet Farms
- Coolshop
- Hoist Finance Italia
- Gruppo Buffetti S.p.A
- Nesperia Group
- Fusion AI Labs
- Intesi Group
- Reply
- Mindsight Ventures
This was a fascinating mix of established enterprises and emerging players. Deloitte, for example, is one of the largest professional services networks in the world in terms of both revenue and number of employees. Mindsight Ventures, meanwhile, is a newer but rapidly emerging name in the fields of AI and business intelligence.
The Response
The first OPIT career fair was a success, with many students in attendance expressing their joy at being able to connect with such a strong lineup of prospective employers.
OPIT Founder and Director Riccardo Ocleppo had this to say:
“I often say internally that our connection with companies – through masterclasses, thesis and capstone projects, and career opportunities – is the ‘cherry on the cake’ of the OPIT experience!
“It’s also a core part of our mission: making higher education more practical, more connected, and more aligned with what happens in the real world.
“Our first Career Fair says a lot about our commitment to building an end-to-end learning and professional growth experience for our community of students.
“Thank you to the Student and Career Services team, and to Stefania Tabi for making this possible.”
Representatives from some of the companies that attended also shared positive impressions of the event. A representative from Nesperia Group, for example, said:
“Nesperia Group would like to thank OPIT for the warm welcome we received during the OPIT Career Day. We were pleased to be part of the event because we met many talented young professionals. Their curiosity and their professional attitude really impressed us, and it’s clear that OPIT is doing an excellent job supporting their growth. We really believe that events like these are important because they can create a strong connection between companies and future professionals.”
The Future
Given the enormous success of the first OPIT career fair, it’s highly likely that students will be able to enjoy more events like this in the years to come. OPIT is clearly committed to making the most of its strong business connections and remarkable network to provide opportunities for growth, development, and employment, bringing students and businesses together.
Future events will continue to allow students to connect with some of the biggest businesses in the world, along with emerging names in the most exciting and innovative tech fields. This should allow OPIT graduates to enter the working world with strong networks and firm connections already established. That, in turn, should make it easier for them to access and enjoy a wealth of beneficial professional opportunities.
Given that OPIT also has partnerships in place with numerous other leading organizations, like Hype, AWS, and Accenture, the number and variety of the companies potentially making appearances at career fairs in the future should no doubt increase dramatically.
Other Career Services at OPIT
The career fair is just one of many ways in which OPIT leverages its company connections and offers professional opportunities and career support to its students. Other key career services include:
- Career Coaching: Students are able to schedule one-on-one sessions with their own mentors and career advisors. They can receive feedback on their resumes, practice and improve their interview skills, or work on clear action plans that align with their exact professional goals.
- Resource Hub: The OPIT Resource Hub is jam-packed with helpful guides and other resources to help students plan out and take smart steps in their professional endeavors. With detailed insights and practical tips, it can help tech graduates get off to the best possible start.
- Career Events: The career fair is only one of several planned career-related events organized by OPIT. Other events are planned to give students the chance to learn from and engage with industry experts and leading tech firms, with workshops, career skills days, and more.
- Internships: OPIT continues to support students after graduation, offering internship opportunities with leading tech firms around the world. These internships are invaluable for gaining experience and forging connections, setting graduates up for future success.
- Peer Mentoring: OPIT also offers a peer mentoring program in which existing students can team up with OPIT alumni to enjoy the benefits of their experience and unique insights.
These services – combined with the recent career day – clearly demonstrate OPIT’s commitment to not merely educating the tech leaders of the future, but also to supporting their personal and professional development beyond the field of education, making it easier for them to enter the working world with strong connections and unrivaled opportunities.
-
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Related posts
Bring talented tech experts together, set them a challenge, and give them a deadline. Then, let them loose and watch the magic happen. That, in a nutshell, is what hackathons are all about. They’re proven to be among the most productive tech events when it comes to solving problems and accelerating innovation.
What Is a Hackathon?
Put simply, a hackathon is a short-term event – often lasting just a couple of days, or sometimes even only a matter of hours – where tech experts come together to solve a specific problem or come up with ideas based on a central theme or topic. As an example, teams might be tasked with discovering a new way to use AI in marketing or to create an app aimed at improving student life.
The term combines the words “hack” and “marathon,” due to how participants (hackers or programmers) are encouraged to work around-the-clock to create a prototype, proof-of-concept, or new solution. It’s similar to how marathon runners are encouraged to keep running, putting their skills and endurance to the test in a race to the finish line.
The Benefits of Hackathons
Hackathons provide value both for the companies that organize them and the people who take part. Companies can use them to quickly discover new ideas or overcome challenges, for example, while participants can enjoy testing their skills, innovating, networking, and working either alone or as part of a larger team.
Benefits for Companies and Sponsors
Many of the world’s biggest brands have come to rely on hackathons as ways to drive innovation and uncover new products, services, and opportunities. Meta, for example, the brand behind Facebook, has organized dozens of hackathons, some of which have led to the development of well-known Facebook features, like the “Like” button. Here’s how hackathons help companies:
- Accelerate Innovation: In fast-moving fields like technology, companies can’t always afford to spend months or years working on new products or features. They need to be able to solve problems quickly, and hackathons create the necessary conditions to deliver rapid success.
- Employee Development: Leading companies like Meta have started to use annual hackathons as a way to not only test their workforce’s skills but to give employees opportunities to push themselves and broaden their skill sets.
- Internal Networking: Hackathons also double up as networking events. They give employees from different teams, departments, or branches the chance to work with and learn from one another. This, in turn, can promote or reinforce team-oriented work cultures.
- Talent Spotting: Talents sometimes go unnoticed, but hackathons give your workforce’s hidden gems a chance to shine. They’re terrific opportunities to see who your best problem solvers and most creative thinkers at.
- Improving Reputation: Organizing regular hackathons helps set companies apart from their competitors, demonstrating their commitment to innovation and their willingness to embrace new ideas. If you want your brand to seem more forward-thinking and innovative, embracing hackathons is a great way to go about it.
Benefits for Participants
The hackers, developers, students, engineers, and other people who take part in hackathons arguably enjoy even bigger and better benefits than the businesses behind them. These events are often invaluable when it comes to upskilling, networking, and growing, both personally and professionally. Here are some of the main benefits for participants, explained:
- Learning and Improvement: Hackathons are golden opportunities for participants to gain knowledge and skills. They essentially force people to work together, sharing ideas, contributing to the collective, and pushing their own boundaries in pursuit of a common goal.
- Networking: While some hackathons are purely internal, others bring together different teams or groups of people from different schools, businesses, and places around the world. This can be wonderful for forming connections with like-minded individuals.
- Sense of Pride: Everyone feels a sense of pride after accomplishing a project or achieving a goal, but this often comes at the end of weeks or months of effort. With hackathons, participants can enjoy that same satisfying feeling after just a few hours or a couple of days of hard work.
- Testing Oneself: A hackathon is an amazing chance to put one’s skills to the test and see what one is truly capable of when given a set goal to aim for and a deadline to meet. Many participants are surprised to see how well they respond to these conditions.
- Boosting Skills: Hackathons provide the necessary conditions to hone and improve a range of core soft skills, such as teamwork, communication, problem-solving, organization, and punctuality. By the end, participants often emerge with more confidence in their abilities.
Hackathons at OPIT
The Open Institute of Technology (OPIT) understands the unique value of hackathons and has played its part in sponsoring these kinds of events in the past. OPIT was one of the sponsors behind ESCPHackathon 6, for example, which involved 120 students given AI-related tasks, with mentorship and guidance from senior professionals and developers from established brands along the way.
Marco Fediuc, one of the participants, summed up the mood in his comments:
“The hackathon was a truly rewarding experience. I had the pleasure of meeting OPIT classmates and staff and getting to know them better, the chance to collaborate with brilliant minds, and the opportunity to take part in an exciting and fun event.
“Participating turned out to be very useful because I had the chance to work in a fast-paced, competitive environment, and it taught me what it means to stay calm and perform under pressure… To prospective Computer Science students, should a similar opportunity arise, I can clearly say: Don’t underestimate yourselves!”
The new year will also see the arrival of OPIT Hackathon 2026, giving more students the chance to test their skills, broaden their networks, and enjoy the one-of-a-kind experiences that these events never fail to deliver. This event is scheduled to be held February 13-15, 2026, and is open to all OPIT Bachelor’s and Master’s students, along with recent graduates. Interested parties have until February 1 to register.
The Open Institute of Technology (OPIT) recently held its first-ever career fair to showcase its wide array of career education options and services. Representatives from numerous high-profile international companies were in attendance, and students enjoyed unprecedented opportunities to connect with business leaders, expand their professional networks, and pave the way for success in their future careers.
Here’s a look back at the event and how it ties into OPIT’s diverse scope of career services.
Introducing OPIT
For those who aren’t yet familiar, OPIT is an EU-accredited Higher Education Institution, offering online degrees in technological fields such as computer science, data science, artificial intelligence, cybersecurity, and digital business. Aimed at making high-level tech education accessible to all, OPIT has assembled a stellar team of tutors and experts to train the tech leaders of tomorrow.
The First OPIT Career Fair
OPIT’s first career fair was held on November 19 and 20. And as with OPIT’s lectures, it was an exclusively online event, which ensured that every attendee had equal access to key lectures and information. Interested potential students from all over the world were able to enjoy the same great experience, demonstrating a core principle that OPIT has championed from the very start – the principles of accessibility and the power of virtual learning.
More than a dozen leading international companies took part in the event, with the full guest list including representatives from:
- Deloitte
- Dylog Hitech
- EDIST Engineering Srl
- Tinexta Cyber
- Datapizza
- RWS Group
- WE GRELE FRANCE
- Avatar Investments
- Planet Farms
- Coolshop
- Hoist Finance Italia
- Gruppo Buffetti S.p.A
- Nesperia Group
- Fusion AI Labs
- Intesi Group
- Reply
- Mindsight Ventures
This was a fascinating mix of established enterprises and emerging players. Deloitte, for example, is one of the largest professional services networks in the world in terms of both revenue and number of employees. Mindsight Ventures, meanwhile, is a newer but rapidly emerging name in the fields of AI and business intelligence.
The Response
The first OPIT career fair was a success, with many students in attendance expressing their joy at being able to connect with such a strong lineup of prospective employers.
OPIT Founder and Director Riccardo Ocleppo had this to say:
“I often say internally that our connection with companies – through masterclasses, thesis and capstone projects, and career opportunities – is the ‘cherry on the cake’ of the OPIT experience!
“It’s also a core part of our mission: making higher education more practical, more connected, and more aligned with what happens in the real world.
“Our first Career Fair says a lot about our commitment to building an end-to-end learning and professional growth experience for our community of students.
“Thank you to the Student and Career Services team, and to Stefania Tabi for making this possible.”
Representatives from some of the companies that attended also shared positive impressions of the event. A representative from Nesperia Group, for example, said:
“Nesperia Group would like to thank OPIT for the warm welcome we received during the OPIT Career Day. We were pleased to be part of the event because we met many talented young professionals. Their curiosity and their professional attitude really impressed us, and it’s clear that OPIT is doing an excellent job supporting their growth. We really believe that events like these are important because they can create a strong connection between companies and future professionals.”
The Future
Given the enormous success of the first OPIT career fair, it’s highly likely that students will be able to enjoy more events like this in the years to come. OPIT is clearly committed to making the most of its strong business connections and remarkable network to provide opportunities for growth, development, and employment, bringing students and businesses together.
Future events will continue to allow students to connect with some of the biggest businesses in the world, along with emerging names in the most exciting and innovative tech fields. This should allow OPIT graduates to enter the working world with strong networks and firm connections already established. That, in turn, should make it easier for them to access and enjoy a wealth of beneficial professional opportunities.
Given that OPIT also has partnerships in place with numerous other leading organizations, like Hype, AWS, and Accenture, the number and variety of the companies potentially making appearances at career fairs in the future should no doubt increase dramatically.
Other Career Services at OPIT
The career fair is just one of many ways in which OPIT leverages its company connections and offers professional opportunities and career support to its students. Other key career services include:
- Career Coaching: Students are able to schedule one-on-one sessions with their own mentors and career advisors. They can receive feedback on their resumes, practice and improve their interview skills, or work on clear action plans that align with their exact professional goals.
- Resource Hub: The OPIT Resource Hub is jam-packed with helpful guides and other resources to help students plan out and take smart steps in their professional endeavors. With detailed insights and practical tips, it can help tech graduates get off to the best possible start.
- Career Events: The career fair is only one of several planned career-related events organized by OPIT. Other events are planned to give students the chance to learn from and engage with industry experts and leading tech firms, with workshops, career skills days, and more.
- Internships: OPIT continues to support students after graduation, offering internship opportunities with leading tech firms around the world. These internships are invaluable for gaining experience and forging connections, setting graduates up for future success.
- Peer Mentoring: OPIT also offers a peer mentoring program in which existing students can team up with OPIT alumni to enjoy the benefits of their experience and unique insights.
These services – combined with the recent career day – clearly demonstrate OPIT’s commitment to not merely educating the tech leaders of the future, but also to supporting their personal and professional development beyond the field of education, making it easier for them to enter the working world with strong connections and unrivaled opportunities.
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