Overview of the Nigerian Scam
Overview of the Nigerian Scam
Typically, foreigners trying to pull off a Nigerian scam may give you a cut of a significant sum of money or a bribe in exchange for helping them move money out of Nigeria. Since their inception in Nigeria, these frauds have spread globally.
How does this con work?
The fraudster will initiate communication by unexpected means, such as email, mail, SMS, or social media.
Money transfer services are requested after the scammer elaborates on a story about large sums of money that have been frozen in banks due to civil conflicts or coups in nations that are in the news at the time. The other option is that they tell you about a substantial inheritance that is ‘impossible to reach’ in their country because of government restrictions or taxes. After that, the con artist would hand you a sizable sum of money and ask you to help them transfer their fortune overseas via a mobile money transfer service.
These frauds are often referred to as “Nigerian 419 scams,” but all they involve is an internet money transfer. Named after Section 419 of Nigeria’s Criminal Code, which outlaws such conduct. Most individuals today ask where they may get a money transfer from because scammers operate worldwide. Money transfer services are a common vector for con artists to solicit victims’ banking information under the guise of “helping them with the transfer.
” However, the victim’s account details can subsequently be used by the con artists to steal their money. To “help in the release or transfer of cash out of the nation,” they may also request that you pay specific fees, levies, or taxes to your bank. Even if it’s just a few dollars or an online money transfer, these costs can add up quickly.
If you fall for the scam, the perpetrator will tack on additional charges to your money transfer before sending you any of your prizes. If you send them money through money transfer services, they will keep asking for more. The money that has been promised to you will never be delivered. Overview of the Nigerian Scam.
Signs to be aware of
You get a contact unexpectedly requesting that you ‘help’ somebody from another nation move cash out of their Country (for example, Nigeria, Sierra Leone, or Iraq) and send money through international money transfer if you know how to transfer money from one bank to another.
The solicitation incorporates a long and frequently tragic anecdote concerning why the proprietor can’t move the cash. This regularly includes some contention or legacy, and they might need to move the cash straight into your record using the best way to transfer money internationally. You are offered a monetary prize, like an offer in the sum, for assisting them with getting to their ‘caught’ reserves.
The measure of cash to be moved, and the installment that the con artist vows to you if you help, is generally massive transfers. They will guarantee that a bank, attorney, government office, or other association requires a few expenses to be paid before the cash can be moved. The trickster will frequently request that you make installments for the charge through a cash move administration.
Never send money to someone you don’t know or trust. Please Do not give them your credit card numbers, online account information, or copies of personal documents. Avoid any transaction with a stranger that requires payment in advance via money order, wire transfer, international funds transfer, pre-loaded card, or electronic currency such as Bitcoin if you know how to send money internationally using an international money transfer app.
Money sent this way is highly difficult to recover. Do not consent to move money on behalf of another person. Money laundering is a serious crime. If unsure, seek independent guidance from someone you know and trust. Verify the contact’s identity by calling the appropriate company directly – identify them via an independent source such as a phone book or an online search if they appear to be from a specific organization. Do not contact the sender using the information contained in the letter.
Check the internet for any references to a scam using the names, contact numbers, or exact wording of the letter/email – many scams can be detected this way. If you believe it’s a scam, don’t respond; scammers can use a personal touch to manipulate your emotions. There are no get-rich-quick schemes, so if anything sounds too good to be true, it is. Overview of the Nigerian Scam.
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