Identity Protection » identity theft http://idprotectionmonitoring.com Thu, 08 Oct 2009 03:16:04 +0000 http://wordpress.org/?v=2.8.2 en hourly 1 What is the Nigerian Letter or ‘419’ Fraud? http://idprotectionmonitoring.com/2009/10/what-is-the-nigerian-letter-or-%e2%80%98419%e2%80%99-fraud/ http://idprotectionmonitoring.com/2009/10/what-is-the-nigerian-letter-or-%e2%80%98419%e2%80%99-fraud/#comments Thu, 08 Oct 2009 03:16:04 +0000 http://idprotectionmonitoring.com/?p=12 For some reason Nigeria seems to be the originating country for a large number of different scams, and many of these pose a significant risk to your identity.  One of the most common has been dubbed the ‘419’ scam, which takes the form of a letter or email originating from Nigeria (and also some other countries), that offers the recipient a chance to profit by taking a percentage share in money being transferred out of the country.  The reasons for the transfer could be anything from the author of the letter claiming to be a state official trying to get money illegally moved out of the country for ‘safe keeping’ or for their own benefits, or it could be someone claiming they need to move money out of the country quickly to avoid paying hefty taxes on their supposed millions.  The main point is that you will be told you have to pay money in order to share in the scheme, but once you have paid you will receive nothing back, and also if you give these criminals access to your bank account or credit card number they could also use this information to run up fraudulent charges on your accounts.

Unfortunately the FBI and also the Nigerian Government are not sympathetic to victims of the 419 scheme, as in agreeing to be a part of the scheme you are actual showing a “propensity for larceny”, as you are conspiring to have money illegally removed from Nigeria and this violates section 419 of the Nigerian criminal code, which is why it been dubbed the 419 scheme.

You can avoid this scam by being very wary of any letters or emails offering you the chance to take part in any scheme that involves removing money from Nigeria (or any other countries), and if you do receive this kind of contact you should forward it immediately to the FBI or the US Secret Service.

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]]> http://idprotectionmonitoring.com/2009/10/what-is-the-nigerian-letter-or-%e2%80%98419%e2%80%99-fraud/feed/ 0 Advanced Fee Scams http://idprotectionmonitoring.com/2009/08/advanced-fee-scams/ http://idprotectionmonitoring.com/2009/08/advanced-fee-scams/#comments Tue, 11 Aug 2009 21:57:44 +0000 http://idprotectionmonitoring.com/?p=3 Advanced Fee scams basically involve fraudsters tricking their victims into forwarding money in advance for something that is claimed to be of greater value, such as an investment project, prize money, a loan or even gifts.  These scams can also be used for the purposes of identity theft, and in order to obtain your personal financial details the fraudster will ask you to pay the advance money by credit card or by providing your bank details, and then use this information to run up a number of fraudulent charges and also to apply for new credit accounts in your name for the same purpose.  For example the fraudster could claim that you have won a free gift, but in order to receive this you need to pay handling and shipping fees immediately over the phone, using your credit or debit card.  Or a fraudster may claim you have won a cash prize, but that they need your bank details in order to pay you the prize.

It is very important that you treat any unsolicited calls informing you that you have won a prize in a draw you never entered, or offering you amazing ‘low risk, high profit’ opportunities as highly suspect, especially if you are asked to pay money in advance.  You should never give out your sensitive financial account details over the phone to unsolicited callers, as you have no way of knowing if they are genuine, or whether they will treat your information securely and not pass it on to third parties.  Fraudsters can be very convincing and can use some very sophisticated high pressure techniques to try and push you into agreeing to something before you have had time to think it through, so always be very wary of anyone trying to force you into rushing into anything or who will not take no for an answer – just put the phone down on them.

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