ADVANCE FEE FRAUD
An advance-fee fraud (also known as 419) happens when a victim pays money to a fraudster who has promised something of greater value in return—such as a gift, contract, loan, or an investment.
SOME COMMON TYPES OF ADVANCE FEE FRAUD
•Beneficiary fund scam
The scammers often present some type of story about needing your help to get money from a bank in another country. The story will usually involve someone who has died and the perpetrator alleges that if they do not act quickly, the money will be turned over to the government.
•Lottery scam
The scammers claim that you have won money in an overseas lottery. The letter or e-mail will usually ask for personal information to confirm your identity so you can collect your winnings.
•Romance scam
The scammers pull at the heartstrings of those on internet dating websites and chat rooms by asking for money for sick relatives, or money for a plane ticket to meet them in person.
•Investment scam
The scammer contacts you that he needs your assistance in investing money overseas. The letter or e-mail will look as though it is coming from a reputable investment firm or government official. The letter will ask you to contact the company, where you will be asked to pay some sort of fee upfront in return for a hefty profit that does not exist.
•COVID-19relief package
•Scammers contacts you via SMS, e-mail, or phone call that you have qualified for a COVID-19 relief package from the government or other known agencies. They will request for personal details from you to enable them to access your account and siphon your funds.
5 tips to recognize advance fee fraud
Ø E-mails or messages from friends or relatives asking for medical/financial assistance, but he/she refuses to pick up your voice call or video call.
Ø Calls or messages from a stranger claiming to be calling from the Bank and asking for your personal information.
Ø Calls or messages from a claimed service provider informing you that you have won a prize and should click a link to claim it.
Ø If they are requesting that you pay a token to claim your inheritance, lottery, COVID-19 relief package, etc.
Ø The opportunity or reward from the investment or business deal appears too good to be true.