In pursuit of the growth of my business I escaped being conned by a person running a Ponzi scheme. I met him in Milwaukee and I could at that moment not understand what he was offering. With the Madoff story becoming public, things are becoming clear how people are taken for a ride.
Fraud has no boundaries- it exists in all parts of the world. In the virtual business world you do blind dating and can be conned relatively easily. I am lucky so far but I don’t know if others have had similar luck.
In these times of global recession, one is being forced to innovate to survive and grow and virtual business models are great. These are hugely facilitated by the social media and one can build good relationships across the globe.
It is tough to find the right combination with both parties being tentative, scared of the unknown and of each other. Maybe, new technology and more information on global publically accessible databases will help break these barriers and facilitate business. Yes, we will all lose a bit of our privacy. But I feel a bit more transparency will do us no harm.