Email money scams
The 419 Scam
The majority of people with an e-mail address will already be
aware of internet money scams, the most well known of which being
the Nigerian 419 scam, in which you are promised vast sums of cash
in return for a smaller deposit.
However, many people are still falling victim to
these email scams and are handing over £1000s of their own
money believing that they will receive thousands, or perhaps
millions, of pounds in return.
When it comes to this type of fraud, prevention is better than
the cure. So please read on to know how to spot and avoid internet
money scams.
419 scam explained
Email money scams often revolve around some major event or
misfortune such as the overthrow of a government which, it is
claimed, has resulted in large sums of money being held in a
foreign country.
The person who contacts you claims to be a senior government
official, an accountant with a state owned corporation, or perhaps
a relative of a deposed or dead politician.
They claim that they need help in transferring the cash to
a foreign bank account (yours) for safe-keeping. They then promise
a proportion of the money to the unwitting victim for helping to
arrange the transfer.
The communication will probably be marked 'Strictly
confidential' or 'Urgent', and offer the opportunity to share in a
multi-million pound bonanza. The fraudsters often have "inside men"
in official offices so can obtain genuine letterheads and
stationery.
At the heart of the scam, the fraudster will say that there have
been some "unforeseen circumstances" and in order to facilitate the
transfer you need to first help pay them "transfer fees" or
"advance fees", usually running into thousands of pounds.
The victim sends the "transfer fees" to the fraudster, but never
receives their promised reward as it never existed in the first
place.
The exact scenario in the email or letter differs but some
details remain constant: there is a large sum of money waiting to
be paid out; secrecy is an absolute must to protect all concerned;
and the writer is willing to share the proceeds, initially only for
supplying a foreign bank account number.
Claims Financial