Home SOCIETY GIST CRIME SCAM, YAHOO FORMAT – LEARN HOW THEY OPERATE AND AVOID BEING DUPED

SCAM, YAHOO FORMAT – LEARN HOW THEY OPERATE AND AVOID BEING DUPED

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Have you heard of yahoo boys or 419? Almost every Nigerian is familiar with this scam related slangs.

For Ages Nigerians has suffered from 419 scam and the present day yahoo boys scattered all over the country have caused many to shed tears both in and outside the country with their ability to pull off million dollar scam.

The Economic and Financial Crimes Commission (EFCC) has been on the rampage to curb this great act of wickedness in the past few years. EFCC has arrested and prosecuted hundreds of fraudsters and have sent them to jail and in the process of doping this they have found out some popular scam tactics in Nigeria and the tactics would be listed.

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 * E-COMMERCE/ CARD FRAUD

 Card frauds are usually perpetuated through pulsing and spoofing. What these entail is that the scammers send Emails with false letter heads and bank logos, pension funds managers and similar organizations, to unsuspecting members of the public, seeking vital personal identification information. Such Information may include user’s login details, pin and passwords.

SAFEGUARDS

Do not give out information about yourself to anybody you don’t know very well.

* WONDER BANK.

This is a fraudulent investment scheme promising high rates of return with little risk of investors. The scheme generates returns for older investors from the investment of new entrants. This scam thrives as Earlier Subscribers who are paid huge returns spread the words and get more people to join the band wagon. The scheme usually collapse when new investors are no longer forth coming.

SAFEGUARDS

Don’t invest your money in any business that has no clear perspectives on how it operates.

* ROMANCE AND DATING SCAM

Romance Scam is perhaps the most common form of cybercrime in Nigeria today, which target mostly foreigners. The Scammers play on the emotions of those who are genuinely interested in love to defraud them.

SAFEGUARD

Be very suspicious of stories you are told by supposed lovers in an internet love affair . It pays not to be too emotional and to cross check every information. Demand for a live video conversation / chat.

* EMPLOYMENT SCAM

Employment scams usually start through advertisements circulated by fraudsters on the internet. Through different categories of staff are said to be needed in the advertisements. It is mostly top management positions in the oil and gas and telecommunications sectors that are emphasized. Once anyone applies, the scammers ask for their personal details and other relevant information. they would then request visa fees, and sundry charges to process documents, verification of documents by some bogus Government agencies.

SAFEGUARD

Remember, no genuine employer will ask you for money to process your employment, seek advice from relevant authorities.

* IDENTITY THEFT/ PHISHING SCAM

Fraudsters using phishing, key loggers, malware, social engineering SIM card cloning methods obtains or take over victim’s identity, email or telephone numbers which are later used as contact known acquaintances.

SAFEGUARDS

Verify the callers claim before you take any step to help.

* CONTRACT SCAM / FUNDS TRANSFER

When you have not executed any contract but receive messages from unknown persons seeking your favour to remit payments for jobs executed in a foreign country into your account for a cut of the money, be wary.

SAFEGUARDS 

Never be part of any transaction that seems dubious or which you might not be comfortable discussing with family.

* INHERITANCE SCAM

Everyone loves the sweet aroma of inheritance, but if your parents and family members have not bequeathed any wealth to you, you might endage your financial health if you suddenly believe such inheritance can come from total strangers.

SAFEGUARD

Take such stories with a pinch of salt and be conscious of the fact that nobody will want to involve a total stranger in sharing his inheritance.

* CHARITY SCAM

Scammers play on people’s benevolence mostly by spinning stories calling for voluntary donations in furtherance of charity events. The Scammers collect money by pretending to be genuine charity. Usually, fraudsters seek to cash in on any natural disaster that is in the news by posting heart- rending stories or photographs on the internet. They request monetary assistance to help victims of such disaster or crisis. Such monetary assistance, claiming it will help pay medical bills, provide feeding and a host of other charitable services.

SAFEGUARD

Carry out your own investigation and ensure that you are dealing with the genuine operators of a charity.

JUJU SCAM

In Africa it is believed that spirits and deities possess supernatural powers which they deploy either for good or ill. One of such beliefs which have strangely not been mitigated by modernity is the power of such forces to confer wealth and provide spiritual solutions to diverse problems. Fraudsters have crashed in on this notion which is still popular in Africa and the Caribbean to swindle unsuspecting victims

SAFEGUARD

Never accompany anybody to a shrine or spiritualist for purpose of receiving a formula that will make you rich.


* LOTTERY SCAM

Scammers usually send e-mails, make phone calls and send text messages informing you that you have won a price even when you did not enter any contest. They entice people with some mouthwatering prices. But there is always a caveat: you are told to make payments before you finally collect the price. This scam targets mass victims.

SAFEGUARDS

NO lottery company will ask for winners to make advance payments to collect the lottery price.

* CRUDE OIL/MINERAL RESOURCES SALES SCAM

The extractive industry is highly lucrative. The allure of making quick investment breakthrough in the sector has sent many to financial ruin. The fraudsters makes contact either through telephone or e-mail, offering to sell petroleum products, precious stones, etc., to  the potential victim at a ridiculously discounted rate, far below world market price. They convince the prospective victims to invest in the business.

SAFEGUARD

Never close an oil deal without carrying out proper due diligence check on the companies and individuals involved.

WASH-WASH (MONEY) SCAM

In this day and age some people still believe that it is possible to sit somewhere, either in their homes or at a shrine and be printing fresh high denomination currency notes, whether naira or foreign currencies. They fail to reason that no one would let people into the secret of money printing if they knew it.

SAFEGUARD

Money cannot be produced by the application or washing with mere chemicals.

* SCHOLARSHIP SCAM

Many families yearn for assistance to get their wards a decent education. Fraudsters have also cashed in on this to defraud people.

There are many websites on the internet that are offering scholarship for persons that are eager to study abroad, but if you do apply and you are told that you need to pay some money to process your application . It is most likely that it is a scam.

SAFEGUARD

No genuine offer of scholarship would demand any payment as scholarship is free, do not make any payment when contacted.

Also, visit the home embassy or website to ascertain the veracity of the offer.

* AUCTION / PRODUCT SCAM

  An attractive product advertisement, with generous discount offer could be bait to financial misery. Most victims of this scam are foreigners. What scammers usually do is to advertise a product or goods for sale on the internet as heavily discounted prices to attract unwary buyers. Once a buyer indicates interest in the product, they start to extort money by coming up with all kinds of bogus charges for such things as demurrage, clearance, certification and a host of others.

If you are also somebody that sells products online, scammers can also target you by offering payment in cheques that far exceeds the value of your products.

SAFEGUARD

Do not be in a hurry to make payments. You can tell the scammer that his cheque has to be cleared before you can refund any money.

Do not part with your goods or products before the cheque is cleared.

* EMERGENCY SCAM

Usual targets are Nigerians and other Africans, not every call to save life of a relative or an acquaintance in distress is genuine. Another form of emotion scam come in the mould of solicitation for payments to save a relative in distress. It usually starts with a phone call informing a person that his/her child or relative has been involved in a ghastly accident or some sudden life threatening emergency.

SAFEGUARD

Do not answer leading questions about any relatives from strangers, verify the caller’s claim before you take any step to help.

* IMMIGRATION / VISA SCAM

 The search for greener pastures abroad have led many into taking desperate steps to realise their ambitions to travel overseas, especially to Europe and north America. Fraudsters have capitalized on this to dupe many would- be immigrants.

SAFEGUARD

Go to the embassy of the country you intend to visit, to process your documents yourself, check official website of the intended country of visit for guidelines.

Pay visa fees into designated embassy account.

* LOCAL PURCHASE ORDER (LPO) SCAM

 Usual targets are Nigerian citizens. Orders to supply goods have turned some people to millionaires just as they have sent many to financial ruin.

SAFEGUARD

Don’t accept every LPO especially when it comes too easily; be wary of fantastic profit margin on LPO transactions. Confirm and re- confirm that the LPO is genuine and that the company issuing it is reputable

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