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Advance fee fraud is commonly known as where an investor is asked to pay money in advance before receiving any stocks, goods or warrants in order for the deal to go through. The fee can be on many forms either by commission, regulatory fee, or even tax. Advance fee scheme normally target investors who have already purchased their goods on unsecure web sites, or through a ‘Middle Man’ website that will collect information’s about your purchasing and requires you to pay an advance fee.
The most commonly advance fee fraud is the ‘Nigerian Advance Fee Fraud’. In this scheme there will be someone pretending to be a Nigerian officer, a civil servant or a business person who will email you informing individuals to help transfer money to a Nigerian Bank account reason being to help individuals and companies to earn mutual benefits, help move millions of dollars out from the country in exchange of a higher commission and profits. They will ask about your companies letter head, address, telephone number and will also strictly inform you not to inform any officials claiming its private and confidential between both parties. If you are not careful and respond to these scheme and blindly send them your companies’ letter head, bank account number they are able to rob the victim’s bank by taking money, swamping visas or even sell to other similar criminals.
This scheme has rise tremendously therefore the US government of The U.S Secret Service have came up with laws to combat these fraud by setting up a special task force dedicating to only Nigerian Advance Fee Frauds.
Therefore be careful while opening and responding to an email. Read the content of the email properly before signing up and agreeing to something. Of you are not too sure about the content and hesitating about the truthfulness of the content don’t ignore the email by not responding or simply by deleting it. Go with your instincts.
References: U.S Securities and Exchange Commission, “Advance Fee Fraud” Schemes, Modified on January 29, 2008.
URL: http://www.sec.gov/answers/nigeria.htm
References: United States Department of State Bureau of International Narcotics and Law and Enforcement Affairs, Nigerian Advance Fee Fraud,
