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Scam Alert: Decade of Deceit; Nigerian King E-mail, Letter, Tops Fraud

PDF | Nigerian letters (so called because is the fraud section of the Nigerian penal code) offer fertile ground for classroom activities related to persuasion. An examination of over emails received by the author reveals several persuasive . “I am contacting you in anticipation of a cordial business relationship”. When I think of financial scams, the first thing that comes to mind is that When the son of the deposed king of Nigeria emails you directly, asking for help, you help! . other and have built a relationship, they ask you to send them money. Related. Watch Your Wallet: Budgeting Made EasyIn "Budgeting". Email scam from Nigerian Internet bank asking for upfront fees for loans with a 2 Reply to emails or website advertisements for Evdo Financing Corp., Merlin a deposed monarch or wealthy businessman, and offered you big money for Related Nigerian kings claim the money is needed to bribe bank officials or settle.

Before e-mail allowed for mass reach, self-described foreign kings and dignitaries pitched their pleas by U.

  • A Decade of Deceit

However the pleas arrive, they typically begin with an offer from a purported government figure in the throes of political unrest. Help transfer my fortune to safer grounds — your bank account — and part of it will be yours, claims the bogus royalty.

All that's needed is your bank account number and other personal information. These scams are so common they rate their own category, " scams," named for the Nigerian criminal statute for fraud. The money you send is never seen again, but is followed by demands for more of it. When you finally catch on to what's happening, these scammers often turn to identity theft, "draining bank accounts and credit card balances until the victim's assets are taken in their entirety," reports the FBI.

Millions of people have gotten wise to this trick in recent years, but a related ploy to make Panda's list is a salt-in-the-wounds follow-up: Correspondence that often comes from the same scamming ring claims you might be able to get money from a fund established to compensate Nigerian letter victims.

That money, of course, is only available after you send money for taxes, insurance or other bogus fees. Here are five more top Web scams from tobased on frequency and wideness of distribution: E-mails claim that recipients won a lottery usually it's a foreign sweepstakes that you never entered and that personal info such as bank account numbers and Social Security number are needed to claim the prize.

And you're asked for advance payments to cover insurance, taxes or other fees that are as fake as the contest. To fool victims with a sense of authenticity, scammers sometimes send, by real-world mail, a "partial-award" check, with instructions to deposit it and wire back a portion as fees. After that deposit, the check proves to be counterfeit, and the unlucky winners are responsible for all money drawn from that deposit. See more of the top web scams of the last decade.

On dating websites and chat rooms, scammers take false identities such as Russian model and wealthy executive working overseas to steal the hearts — and money — of the lovelorn. Scammers will contact you via e-mail, social media, or phone offering to hire you without an in-person interview or background check. They may ask you to deposit checks made out to the business into your personal account and tell you to keep a portion of it as your pay.

Whatever the set-up is, remember that legitimate businesses would pay you the old-fashioned way, with a paycheck and tax deductions. Sudden Riches — Surprisingly, there are not a lot of people out there just dying to give you buckets of cash for no good reason. In a perfect world we would all be millionaires without having to lift a finger; but in the real world, it is highly unlikely that a sudden windfall of riches will come your way.

Hackers and Fraudsters and Scammers . . . Oh My! | Kelsey at Casco FCU

One common check scam is to notify people that they have won a sweepstakes. Or they say that in order to claim your winnings you first need to send them a check for a small amount so that they have your account information. A legitimate sweepstakes would never ask you to send them money before they sent you your winnings.

Taxes and any other expenses would be deducted from money you won in a legitimate contest before they sent it to you.

Detecting and reacting to false job offers and other scams

Additionally, notice of these winnings always comes by certified mail, not by regular mail, phone, or e-mail. Love Losses — This scam is the last and, in my opinion, saddest one on my list. This is the financial version of Catfish a great documentary about a guy who thought he was dating a hot, young girl online and it was really a middle-aged woman — you should watch it! The person claims to live far away from you, out of state or even in another country, so it would be difficult for you to meet in person.

It might be for a medical emergency, to help someone in their family, or to travel to visit you. Whatever the reason, they need you to send them money ASAP.

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Hide in your room? Go off the grid? The answer is simple — just be on the look-out. Here are a few key things to keep in mind: If you deposit a bad check or money order into your personal account, YOU are responsible for the funds.

If a bad check overdraws your account, you have to come up with the money to cover the negative balance. Once you sign a check and deposit it, the issuing party is no longer responsible for the funds, even if the check is bad. Just because a check cleared your account, does not mean that it was good! It can take a long time for checks to be declared fraudulent sometimes up to a few months. Federal law requires your financial institution to make funds available to you quickly, usually within 10 days, meaning that you could withdraw the money from a check deposit before finding out if it is bad.

Never accept an overpayment. A legitimate buyer or employer will always agree to send you a check for the correct amount. There is never any genuine reason that someone would need you to accept a check for a higher amount and return excess funds to them.