Nigerian Scam
Candlefocus EditorAt its core, the Nigerian letter scam is a confidence trick. Scammers attempt to build trust with potential victims by using personal information gleaned from internet searches and social media accounts, making it necessary for users to be mindful of personal information shared online. Nigerian letter scammers employ a variety of tactics to make their scams more believable, including offering fraudulent cheques and fake documents such as bank statements.
Once the target agrees to the proposed transaction, the scammer often requires the victim to make a series of payments in order to allow the money to be released. This can include payments for false taxes or permits, legal expenses and banking fees, none of which leads to the intended payment. Once the victim realizes they are the victim of a scam, they may be too embarrassed to report the incident, resulting in the scammer continuing their scheming with additional potential targets.
To more effectively reveal these scams, many organisations that monitor financial fraud are now working together to successfully uncover financial fraud schemes. Financial institutions and payment networks are actively working to shut down accounts used by Nigerian letter scammers, as well as placing restrictions on payments to known sources of the fraud.
The best way to protect oneself is to be aware of this scam. There are many variations of this scam and the con artist can often appear friendly and knowledgeable even though they have no intention of making good on the promise of monetary gain. If a person receives a suspicious email inquiring about money, it’s best to delete it as quickly as possible. Never respond to this type of email, as responses may be used as evidence of attempted fraud.
The Nigerian letter scam is a pervasive and often successful scheme that targets those unfamiliar with the tactics employed by these scam artists. By understanding the mechanics of this scam and refusing to engage, individuals can protect themselves and their finances from unwarranted losses.