The Popular Nigerian Scam

In the Popular Nigerian scam, a person from abroad offers you a portion of a sizable sum of money or a payout in exchange for helping them move money out of their nation. Although these frauds originated in Nigeria, they are currently conducted worldwide.

What You Must know

The fraudster will initiate communication by unexpected means, such as email, mail, SMS, or social media.
The fraudster explains on a claim that substantial sums of money have been frozen in banks as a result of civil wars or military coups in countries that are currently in the news before asking for money transfer services. The alternative is that they disclose a sizeable inheritance that is “difficult to reach” in their nation due to regulations or taxes. The con artist would then hand you a substantial sum of money and urge you to assist them in using a mobile money transfer service to send their fortune abroad.

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.

What to look out for

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.

How to Protect Yourself

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.