It's not hard to reason this one but you migh...
We hate being pushy here at Guylife, but this is for your own good! Read on to learn all about the scam that even the most intelligent of people have managed to succumb to thanks to its alluring nature. Unfortunately, most ended up losing all their life savings with nothing to show for their investment--other than disappointment and regret. Who knows? Chances are, you've already been exposed to it in some shape or form!
In India, we’re no strangers to scams and their consequences, but what's so unique about this particular scam? Essentially, there are many different varieties of scams but it is an advance-free fraud in which the target is persuaded to advance large sums of money in the hopes of realizing a much larger gain.
The Nigerian version of this scam however, is more Internet-savvy and according to several official reports, this is actually the third-most lucrative industry in Nigeria! In fact, some reports even state that it has generated over $5 billion in the last two decades!
The 419 name comes from the number of the article in the Nigerian constitution that deals with scams of this kind. They are specifically referred to as Nigerian because the first wave of such scams came from this country--but really, they could come from just about anywhere.
The scammers normally contact victims via email offering them a large share of money from an amount they would like them to transfer out of the country. The nature of the funds vary--the treasure of a deposed king, a large horde of cash found in Iraq, a massive inheritance. The commonality is that they ask for an amount of money to be paid or solicit bank account details and eventually, when they feel they have got all out of you that they can possibly get, they vanish without a trace. Again, people have lost their entire life’s savings in such a manner!
Naturally, this is a situation you’d never want to find yourself in, so look out for warning signs. Is the person contacting you out of the blue? Does the email look suspicious? And have you done enough homework regarding the same? When it comes to the Internet, it's best follow the old rule of thumb: If it looks too good to be true, then it probably isn't!
-Pictures courtesy Thinsktock-
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