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- W78934019 abstract "Chances are you or your clients have received a letter similar to the one shown in the exhibit below (usually with more errors of punctuation and usage). If not, it's probably just a matter of time. These solicitations used to come by mail, but now they appear in your e-mail inbox. Have you lucked out, about to receive a big windfall? Hardly. Someone is attempting to victimize you in an fraud. Advance-fee operate on only one premise: They make false promises of forthcoming funds in order to get a target to part with money. This article explains how these schemes work so you and your clients can avoid becoming unfortunate statistics of this crime. While advance-fee have been around for centuries, the current variations surfaced in Nigeria in the mid-1980s amid the economic chaos created by the collapse of the price of oil, the country's chief export. Subsequently, the schemes have spread to other nations. The Nigerian scams (also called 4-1-9 frauds after the section in Nigerian law that makes them illegal) have become so prevalent they have seriously affected legitimate businesses in the country. The crimes have continued despite efforts to thwart them; the Nigerian government and its central bank regularly post warnings in newspapers around the world. Although there are multiple varieties (see Other Foreign Advance-Fee Scams, page 59), these fall into one of four types. OVERINVOICED CONTRACTS Nine out of ten of the scams start with a letter from a foreigner falsely claiming that a contract--usually with the government--has been purposely overinvoiced, necessitating the money be secreted out of the country. Names and addresses of potential victims are obtained from a variety of sources, including trade journals, chambers of commerce lists and the Internet. If you are the target, the correspondent asks you to provide bank account information and company letterhead to initiate the transfer of funds. Contrary to a widely held belief, the purpose of this information is not to empty your account. Rather, the documentation serves two purposes. First, it perpetrates the illusion the deal is legitimate and moving ahead. Second, the blank letterheads are altered for use as props in other and as letters of reference to obtain fraudulent visas for criminals. Once you furnish the documentation, you will be strung along for a week or two with promises the money is forthcoming. You may even be sent a photograph of the loot--what appears to be a trunk full of cash. It's all fake. At some point you may be asked to travel to Nigeria to complete the transaction. There, meetings take place in what appear to be government offices. In reality the con artists have rented the real estate. You'll be introduced to actors posing as crooked government officials who are purportedly in on the arrangement. And then comes the sting: They tell you they need more money to complete the deal--for example, they might say an official needs to be bribed or that transaction fees must be paid before millions are transferred to your bank account. If you pay, the crooks will use other excuses to get you to pay again. Indeed, some people have been victimized for years before realizing they'd been had. Should you refuse to pay, you may be subjected to threats of physical abuse. Violence is unusual, but there have been at least two dozen documented murders of individuals who have traveled to Nigeria in unsuccessful efforts to collect nonexistent riches. CONTRACT FRAUD Although much less common than the scam described above, this fraud preys on small businesses with little experience in the import/export trade. The targeted company receives several small orders for goods from what purports to be a Nigerian corporation, along with legitimate bank drafts for payment. The purpose of making these legitimate purchases is to build a business relationship with the victim company. …" @default.
- W78934019 created "2016-06-24" @default.
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- W78934019 date "2004-04-01" @default.
- W78934019 modified "2023-09-23" @default.
- W78934019 title "Foreign Advance-Fee Scams: There Are Many Variations of These Con Games" @default.
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