The Famous Nigerian Scam: Still Making Scammers Rich

It seems the world-famous Nigerian Scams – also known as 419 Scams – are still going strong.

While deleting the handful of Nigerian scam emails that arrive in my inbox on a daily basis, I can’t help but wonder, “How can people still fall for this scam? “

Nigerian Scams - Coming to an Inbox Near You

Nigerian scams have been around for decades and typically offer the victims an "easy" way to earn loads of money.

Whether it’s a banker that wants to invest in your business right after you send them money for the contract, a work-at-home offer that consists of nothing more than “receiving payments from customers” (see: fraudulent check cashing), a lottery win that require that you pay a fee first, or perhaps a rich widow on the brink of death that wants to leave you her money once you send her cash for a lawyer – the overall concept remains the same. You send money first and then you realize you’ve been tricked later.

Nigerian scams are referred to as "419 scams"  as the number “419” refers to the article of the Nigerian Criminal Code dealing with fraud (Chapter 38 – “Obtaining Property by fake presences; Cheating”). The "advanced fee scam" alias is more obvious since, well, the victims often have to pay up-front fees to acquire whatever funds or prize they're being promised.

Nigerian Scam Victims Often Pay a Hefty Price

While most of us are aware of the 419 scams, it's variants and the financial damage they can wreak upon our bank accounts, others somehow missed the memo and have suffered a great loss as a result.

Earlier this year, news hit that a woman paid £80,000 – that’s $120,000 USD – to a U.S. soldier she had fallen for on a dating website before she realized he was nothing more than Nigerian conmen.

A man in the UK was duped in 2009 by another Nigerian fraudster posing as a friend on Myspace who always seemed to be in need of money. He lost a total of £130,000 ($200,000 USD).

Then there was the story back  in 2008 where a woman shelled out $400,000 to the crooks that told her a deceased relative left behind $20 million & that she had to help both the US and Nigerian government keep out of terrorists hands.

With stories like these in the headlines, it’s a wonder how folks continue to fall for these scams!

The total number of Nigerian scam victims and amount of money lost has never been clear. A report from a few years back stated that the total money lost exceeds $41 billion and the scams had an annual 5% growth rate.

Don't Become the Victim of a Nigerian Scam

Spotting a Nigerian scam isn’t necessarily hard, especially if it’s coming via email.

Common characteristics of Nigerian scam emails:

• Suspicious looking sender addresses.  419 crooks often use freemailer domains or a domain that’s obviously not affiliated with the company they’re claiming to be from.


• Poor, broken English. This is a common trait for spam as a whole and Nigerian scam emails are not exempt from this characteristic.


• No websites/domains are mentioned. The only exception is when the scammer includes an article on a political event to build credibility.


• A subject line written in all caps. It’s almost as if they feel they must shout in order to grab your attention.


• Money is always the primary focus. They may say that they want to give you money, but in all honesty they just want yours.

The 419 scams I often receive are the investment/banking ones. Some of which urge me not to think they’re a hoax, as you’ll see below:

From: MR. RANDY CODY [randycody5@att.net]
Sent: Sunday, September 18, 2911 8:14 PM
To: undisclosed-recipients:
Subject: RE: MR. RANDY CODY,

RE: MR. RANDY CODY,
INVESTMENT MANAGER
PRIVATE & VERY SAFE

TONBRIDGE,
KENT TN11 9DZ,
UNITED KINGDOM.

I wish to inform you that this letter is not a hoax mail and I urge you to treat it serious. We want to transfer The 52,000,000.00 (Fifty Two Million GBP) to any safe account with your honest assistance. I have every possibility for the accumulated proceed to be paid in your favour and then both of us will share the value equal percentage Can I trust you on this?

Although, necessary steps has been made regards to this issue confidentially with key Bank Personnel?s and they have agreed to help if I found honest and capable person to handle this transaction to enable us transfer the value Asset out from UK.

I guarantee that this will be executed under a concrete special arrangement that will protect us from any breach of law. I will not fail to bring your notice that this transaction is total hitch-free and you should not entertain any fear because good arrangement has been outlined for successful conclusion.

If you are willing and capable to handle this business with me in full confidence & trust, please do not hestitate to Reply me back

I look forward hearing from you.

Warmest Regards.

MR. RANDY CODY,

INVESTMENT MANAGER

Offering millions of British Pounds seems to be common in 419 scam emails -

From: Mr. Bahaa Raslan [raslan1@videobank.it]
Sent: Thursday, September 22, 2011 2:16 PM
To: undisclosed-recipients:
Subject: RE: INVESTMENT PARTNERSHIP PROPOSAL.

FROM: Mr. Bahaa Raslan.
Union Bank Of Switzerland(UBS)
Liverpool - UK.

Good Day,

TRANSFER OF £28,500,000.00 MILLION TO YOUR ACCOUNT.

I am a banker. I work in the credit and accounts Department as the Head of Banking and Treasury. This is an investment/partnership business proposal which I believe, will be of mutual benefit to both of us.

I need your co-operation to transfer the above mentioned sum £28,500,000.00 (Twenty Eight Million Five Hundred thousand British Pounds Sterling) out of United Kingdom to your account. I am confident that you will give your consideration to this proposal and response positively within a short period of time. I am available to discuss this proposal with you and to answer any questions you may have in regard to this fund.

As soon as you give your positive response to this proposal, I will not hesitate in sending you the details information of this business.

This transaction is 100% RISK FREE.

I look forward to discussing this opportunity further with you.

Sincerely,

Mr. Bahaa Raslan.

If you ever receive a Nigerian scam email, NEVER EVER SEND THEM MONEY!

As you can tell, Nigerian scams are often built to tap into human greed. Well, as the saying goes: if something appears too good to be true, it probably is. Seriously, what are the odds of you actually receiving the money some stranger offered you? From another country. After you give them YOUR bank account information.

That being said, your only logical options are to delete it or report it.

Don’t bother replying to the scammer. It never turns out the way you hoped.

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