The Zhong Kui 鍾馗 Scam / Con Expose Series (4) – The “419” Scam

Posted on August 30th, 2014 in Zhong Kui Zhua Gui (鍾馗抓鬼)

 

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“Why do the con artists succeed time and again? It is because they know they can exploit the ignorance, vulnerability or very often, the greed of their victims. Con artists often succeed because people hear the promise of easy money and they throw caution to the winds. They do not ask themselves questions, let alone do due diligence on the offer.”

Mr Tan Siong Thye, Director of Commercial Affairs Department, 2004

 

The “419″ or Nigerian Mail Scam

The BAIT:

You receive an unsolicited email informing you that “I’m an external auditor of ABC Bank. Deceased has left behind a sum of 25 million euros in a bank account. Please help us get the money moved out of our country. If you help us, we will give you Y% of the total, or $2 million”.”

FACT:

The above extract is an example of the infamous “Advanced fees scams” commonly termed “419” fraud (named after the relevant section of the Nigerian Criminal Code)

The con artist typically sends letters or emails claiming to have acquired or inherited large sums of money. Sometimes they claim to have excess government or bank funds.

They seek the victim’s help to provide a foreign bank account number to be used to transfer the ‘funds’ out of Africa or another country. The victim is promised a huge commission in return. These offers are bogus and the victims are often duped into paying large sums of money in up-front payments, purportedly as taxes or fees in order to transfer the ‘funds’

AN EXAMPLE

Nigeria Scam

HOW TO PROTECT YOURSELF

 

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If it sounds too good to be true, be suspicious. Ignore them or pass the letter or email to the Commercial Affairs Department in Singapore to investigate

(*Materials adapted from Commercial Affairs Department, Singapore)

 

Our Best, Always

Empower Advisory Team

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