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How Fraudsters Move Money To Africa

Probably, you have heard of “Nigerian Prince” before. If you haven’t, this article will be a good read for you. Nigeria is the most populous African nation and in a way, it can be said to epitomize what the continent stands for. Mind you, I don’t mean to narrate a one-sided story that Africans are not good or dubious. However, current trends have shown many of their youths to be lazy, lurking around the internet under different guises to defraud people from other continents of their hard-earned money. If you are not vigilant, you will fall prey of their antics and this will render you useless. Either in the name of love, donor or money laundering, you need to take cognizance of your transactions on the web and you respond to every message you receive.

After luring their victims through various tactics, the next thing is to look for ways in which they will transfer such money to home countries. In this article, I will list out ways in which a scammer can get you do their bidding.

Online purchase scam: You’ve found your dream apartment but are requested to transfer the first month’s rent up front. Or a timeshare, but there are taxes you need to take care of with a money order first. Maybe your search for a car has paid off with an unbelievable deal, but there are application fees you need to cover with a wire transfer. While many online retailers are legitimate, scammers leverage the anonymity of the Internet to rip you off. That includes asking for money before you’ve even gotten the merchandise. Before you know it, they’re gone — along with your money (Finder, 2018). The fact is that this form of scam can happen from any part of the world. There was a case where a Nigerian undergraduate used forged documents in selling the administrative block of his university to a European. When the European got there, he was taken aback that what he saw was different from what he was told.

Be wary of anybody online who tells you there’s upfront deposit or payments — especially if you haven’t yet met them and there’s no contract. And if anybody online says you can only pay with a wire transfer or money order, find another retailer. Or ask to meet in person.

“Guaranteed” loan scheme: You get a letter that you’re guaranteed approval for a loan or credit card. There’s only one last task before you can get it: wire money for the application or taxes. That’s easy enough, right? You should never need to send money in order to receive an authentic credit card or loan. Instead of sending the money, research the company who sent you the letter. You’ll probably see warnings from others to rip it up (Finder, 2018). Scammers can come through any means but their ultimate payment method is wire transfer because that is the easiest means.

Phishing scams: You open your computer to an email from your bank asking you to verify your account number. Or it could be from an e-retailer needing confirmation of your password. Sometimes it’s a link from your email provider itself asking you to click and double-check your details. It’s all so official, how could it not be legit? Don’t be tricked into giving out any personal information. Keep in mind that you will never be emailed by a legitimate bank, retailer or other service provider to confirm your personal information, financial details or password. This is called “phishing”, and you should not reply or click any links in the email (Finder, 2018). Phishing is a common method used by African scammers to make you release your vital information and infect your system with virus or other things.

Charity scam: Disasters bring out the best in people. But they can also unearth con artists who prey on the altruistic. Be cautious of letters requesting donations in cash or by wire transfer to cover the cost of aid. This is common and it works to some extent. Research the charity online with a site like Charity Navigator. Because some scammers use names that closely resemble well-known, reputable organizations, Google the exact name shown in your email or letter. And never wire money to anybody claiming to be a charity. It’s best to pay by check or credit card (Finder, 2018). Except for people you know very well, you need to be wary of people who ask you to send money via wire transfer.

Nigerian dignitary scam: Though it’s the butt of many jokes, the “Nigerian prince” scam is among the top five largest revenue sources for Nigeria — it’s that successful. For this scam, you’re contacted by somebody requesting your help in recovering a great deal of money. They claim that if you help them by providing your banking account information or money to pay fees, you’ll be rewarded with a substantial portion of the money. This is a huge way of defrauding greedy people. Don’t be expectant of reward from anywhere you didn’t plan and there’s no need to aid and abet crime. This is just another variation of the advance fee scam. Never provide your financial information or send money to anybody you don’t know (Finder, 2018).

“Stranded traveler” scam: This one involves an email from ‘friends’, often ones traveling abroad, who’ve found themselves in trouble and need money wired immediately to return home. The amount is nearly always $1,000 or more and may even appear to come from a friend’s actual email address. Except it’s not actually your friend who’s sending it. Instead, their account has been hijacked through a phishing scam.Be wary of any email from a friend in trouble overseas. Attempt to make contact with them or confirm their whereabouts with your social network. As with other scams, never wire money without being certain you know the recipient (Finder, 2018). Wiring money is tantamount to expressing your unreserved belief in a person or system. Online dating is another potent ground for scammers to rape you of your money.

References

Finder.com (2018).Keep Your Money Safe From Money Transfer Scams. Retrieved from https://www.finder.com/money-transfer-scams

FTC (2019). Money Transfer Scams. Retrieved from https://www.consumer.ftc.gov/blog/2013/12/money-transfer-scams

MTC (2019). Money Transfer Scams—Most Popular List. Retrieved from https://moneytransfercomparison.com/money-transfer-scams/

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