DON'T FALL FOR ADVANCE FEE FRAUD



What is advance fee fraud?

Advance fee frauds play on their victims' greed. Typically, the fraudster offers the victim a chance to make a substantial fortune. The only snag is that there is a (relatively) small initial cost. Of course, that cost is real and the big payoff is an illusion. Examples include:
  • Transfer of funds from an ‘over-invoiced’ contract.
  • Assistance escaping the country.
  • Help accessing forgotten, former regime or deposed dictator’s funds.
  • Money laundering.
  • Money for chemicals to ‘clean’ marked currency.
  • Fraudsters pretending that you have won a lottery.
  • Gifts or bequests to charities.
  • Making you ring a premium phone line in the hope of winning a prize.
Some of these frauds evolve into very elaborate stings as victims get deeper and deeper into the setup. Some victims’ true stories sound more like movie thrillers.

Risks

  • Losing substantial amounts of money.
  • Expensive phone calls.
  • Being persuaded to give criminals your bank details which are used toempty your bank account or to support cheque fraud activity.
  • Arrest, convictionand possible imprisonment if you become part of a larger fraud.
  • Some victims have been drawn into these scams so far that they have travelled to Africa to collect their loot only to find themselves victims of kidnap or extortion.
  • A number of victims have been murdered or committed suicide.

How to recognise advance fee frauds

  • Typically, very large sums of money are tantalisingly dangled as a carrot so mistrust your greed.
  • As ever, if it looks too good to be true, it probably is.
  • Many of these scams involve former dictators and Swiss bank accounts so these are good indicators.
  • Don’t let conmen trick you.
  • Seemingly plausible (but often unverifiable) details like names and dates or elaborate technical descriptions.
  • Often the initial contact includes a phone number or a request for your bank details (on the pretence that they are going to wire you some money but in reality so that they can rob your bank account).
  • They may be addressed to the ‘CEO’, ‘Managing Director’ or other title rather than a named individual.
  • Messages may be marked ‘urgent’ or ‘confidential’.
  • Spelling mistakes are common and may be included deliberately to make you feel superior or sympathetic.
  • Many of these frauds originate from West Africa and they are often known as 419 scams after a section of the Nigerian legal code. However, they are growing in popularity around the world.

How to protect yourself

  • Stop and think.
  • Never pay anything up front.
  • Don't get involved in correspondence with fraudsters.
  • If you get involved in a scam, don’t let embarrassment prevent you from going to the police.
  • Guard your bank details carefully.
  • Check any wildly-implausible offers online.