NEW TO SCAM-WARNING!!!
A SCAM is a term used to describe any fraudulent activity,business or scheme that takes money or other goods from an unsuspecting person.
Since the emergence of the internet,scammers have taken their business online-why?because there are millions of people surfing the internet on a daily basis(This simply means MORE MONEY
TO THE SCAMMERS).There are many types of scam but the most popular is the ‘ROMANCE SCAM’.In this type of scam the victims emotions are played on by these ‘S.O.N.S OF D.E.V.I.L.S’ and since
thousands of people search for love on online dating networks it becomes easy to fall prey.The scammers under the pretext of love will chat you up and profess love to you in minutes,over 24hours,in three
weeks or more.After that,they ask money for bills,medicine,house etc or ask for your bank details to wire money into your account.
Here are some warning signs you are chatting with a scammer
+He/she profess love to you within 24 hours or more(usually not more than three months)
+He/She is in a hurry to take you off the social network platform you are on
+He/She asks you to wire money
+He/She asks for your bank login detals/SSN(SOCIAL SECURITY NUMBER)/asks you to set up a new bank account for him/her`
Payments Fraud Scams
There are hundreds if not thousands of fraud scams out there.You’d be quite suprised at the huge number.We have listed every possible scam you can come accross
Goals of a Payments Fraud Scam
Fraud criminals’ goals are simple. They’re either trying to get your money through scamming, get your information, or both.
→ What is Payment Fraud?
1)Ponzi Schemes:From the rise of a popular Peer-to-Peer website named “MMM” which scammed people of billions of naira and millions of USD.I have learned that many folks are lazy and greedy and as
such want to become millionaires over night which leads them to fall prey to scammers.After the fall of this website there has been thousands of these websites online majorly owned by Indians,a few whites
These websites work on a similar rule”Payment is made to older members with a part of money donated by new members.The admin of such website usually end up getting money from both sides and
after that it crashes and the admin is nowhere to br found.He closes the website and that is the end of your money”
Funny thing is these schemes now exists on whatsapp and Telegram
. Stealing your money
Scams aimed at stealing money involve a variety of techniques. The most common are:
2)Advance-fees scams – With these scams, the crook baits you by getting you all excited about receiving some large amount of money or a wonderful “free” prize. But before they can send you your treasure,
there are certain “fees” that have to be paid “in advance.” The first fees are usually small (e.g., “for postage and handling,” “for taxes”), and you might be tempted to pay them. But it’s never the last fee and the
amounts of the fees keep rising. Some victims have paid millions in these “fees” (yes — millions!) without ever receiving a thing.
3)Wire-back scams – In this situation, the crook sends you a check or puts money in an account in your name. You are then instructed to wire some of that money out (the crooks always give a very logical
reasons for this). The payment for the funds they sent to you is returned because they were fraudulent to begin with, and you’re left to cover the amount of their fraudulent payment. The funds you wired are
long gone, and you’re left holding the bag — an empty.
4)Check cashing scams – Helping someone new in town is considered neighborly. Crooks often take advantage of people’s goodwill by posing as a new friend and then asking for help with cashing a check.
You take the crook (who you believe to be a friend) into your bank, you cash the check for them on the strength of your relationship with the bank, and you give the cash to the friend. The check is eventually
returned, and since you endorsed it by signing the back, you legally guaranteed your own liability for the check. Your new friend is nowhere to be found, and you’re left having to repay the bank yourself.
Whether you’re being asked to send money to someone in advance, wire funds, or help someone cash a check drawn elsewhere, your anti-fraud antenna should go up immediately.
5). Stealing Your Information
Many people — especially young people — believe that because they don’t have a lot of money or assets themselves they don’t have to worry about criminals bothering them. This is an erroneous and
dangerous assumption. Sometimes your good name is exactly what a crook is looking for.