Are Nigerian Email Scams Still Common?
The Nigerian email scam is considered to be among the longest-running online frauds. Also referred to as Nigerian letter scams or the foreign money exchange, they generally begin with digital correspondence from a person overseas claiming to be of royalty. The fraudsters will then lure the victim in with promises of a sizable fortune or investment opportunity they’re unable to get in their country without outside help. After this, they’ll request banking details so they’ll be able to transfer some money or ask for a payment to cover the transfer costs.
This is when they’ll drain your account or disappear with the payment. Thankfully, victims aren’t helpless in these situations. With the assistance of companies like Payback LTD chargeback, they have a chance of recovering any funds they may have lost from internet scams.
Why do people fall victim to this scam?
The reason for the scam’s efficacy is that it plays on the victims’ greed and desire to be heroic. More often than not, it’s set up where people are promised to make a considerable financial profit with little effort. However, it also offers the opportunity to help someone in need, making them feel good in the process. The good news is that avoiding these pitfalls is neither as tricky nor as complicated as it sounds. The key is to recognize them. Experts say that these emails come from unknown senders and are generally unexpected.
Don’t give out any personal or financial information if you happen to receive these emails. Keep yourself from sending any money, too, no matter how tempting the reward or sad the sender’s story. Scammers are also good at luring victims into relationships before making their move. Ignore the email and block the sender to keep yourself from feeling any sense of obligation or trust.
Millions have been lost due to the Nigerian email scam, and it’s likely to continue so long as people fall for them. However, it would be best to watch other types of investment fraud, like a pyramid and Ponzi schemes. Sweetheart scams — also called romance schemes — can also be reasonably expected. Instead of starting with an email, they usually begin on online dating sites. Fraudsters produce fake profiles and pretend to be users on the hunt for love. Once they’ve established trust, they play on the emotion of their victims and begin asking for money.
Most of the time, the scam targets the elderly. Thus, if there’s anyone who’s elderly in the household, it’s worth educating them on how to avoid these scams and save themselves the trouble of recovering the money they’ve lost because of it.
Nigerian email scams remain as common today as they were in the past. The reason for this is their efficacy — people still fall victim to this scam. And as long as it continues to work, it won’t go away. For this reason, it’s crucial to remain vigilant against it and many other types of internet fraud. Doing so won’t just keep you safe from financial trouble, but you’ll help discourage fraudsters from committing the scam.