I am a prince of Nigeria I have a great fortune. It is $30000000 USD.
Please spend $1000 USD and you will receive it. -Prince Boob.”
Sound Familiar ?
That’s right I’m talking about Advance Fee Scams, one of the most popular scams out there today. The most popular type Nigerian Advance Fee Scam
What Is A Nigerian Advance Fee Scam?
The Nigerian Advance Fee Scam is a scam that involve tricking the victim into sending them a ‘finder’s fee’, ‘deposit fee’, or a ‘transfer fee’ in return for the promised USD amount that never arrives.
How Does This Nigerian Advance Scam Work?
This scam basically works in the following steps:
Step 1: The Scammer contacts an person usually via email, instant messager, or social media using fake email addresses and or social media accounts. The subject line could be similar to ‘Your Assistance Needed On’, or ‘From A Friend’.
The story varies however the general story is that the scammer is located in a country that is corrupt and will not give the scammer his rightful money.
That usually is in the form of cash, gold, silver, or diamonds. The scammer promises the victim a large portion; usually in the millions; to help ‘transfer’ the money.
Step 2: To help prove the scam is legit the scammer often sends FAKE ‘official government, banking, or ID documents bearing stolen legit stamps or seals.
The scammers often use fake or stolen pictures from the internet along with fictious names to gain the trust of the victim.
Step 3: Once the victim’s trust is gained the scammer will begin to ‘invent’ problems that prevent the ‘transfer’ of funds. Two such examples are
“To transmit the money we need to bribe a bank official.”
“For you to be a party to the transaction you must have holdings at a Nigerian bank of over $1,000 or more.”
The only purpose of these ‘delays’ or ‘problems’ is to begin scamming you out of your money. Meanwhile they promise “The Funds will be deposited soon.”
The usually method of ‘payment’ that the scammers request is:
- Western Union
- Money Gram
- Money Order
Step 4: The ‘problems’ and ‘delays’ continue until one day the person ‘wakes up’ and realizes they are being scammed.
Once the person becomes aware the scammer vanishes like a fart in the wind never to be seen again at least not by that ‘name’ or ‘business’.
Know More Steps
If you know of additional steps in this scam, please post them in the comments below. I would be glad to update this article and credit you. Help prevent others from getting scammed by posting any info you have on this scam.
5 Tips On How To Avoid Advance Fee Scams
The following are 5 tips that are designed to help you not fall victim to this classic scam that drains you of time and money. No longer, here are 5 tips that will help you spot this scam from a mile away.
Tip 1: Too Good To Be True?
You know the old saying “If it’s too good to be true, it probably is.”. That is the oldest and simplest way to detect this type of scam.
If it’s telling you of great riches or 100% debt relief, chances are it is ‘too good to be true’.
Follow Common Business Practices
Follow common business practices when encountering any offer having to deal with financial transactions. Legitimate businesses will never send you an email or text when it concerns financial transactions due to federal law.
Tip 2: Research The Sender
Know Who You’re Dealing With
If you have not heard of the person or business that sent you the offer RESEARCH that person or business. Know who you’re dealing with before engaging in financial matters, this is common practice in the business world.
Get As Much Info As Possible
When researching be sure to confirm the true business location, phone number, US Public Tax Info, or possible criminal record.
Make sure to consult with the Better Business Bureau along with close friends, financial institution, or even the police.
Compare ‘Offer’ With Research
After you’ve researched the person or business compare the sender’s info with the real information.
If anything does not match it is a scam! At that point report the scam to the proper authorities.
Tip 3: Consult An Attorney
$100 Spent Is Better Than $1,000 Taken
Anytime an ‘offer’ involves legal/financial matters make sure you understand the business financial agreement by consulting an attorney.
It is better that $100 is spent being told ‘It’s a scam.’ then having $1,000 taken via scam.
Tip 4: Beware Of P. O Box/Mail Drop Businesses
Be wary Of P.O. Box/Mail Drop Businesses
Be concerned with businesses that do not have a street address. As businesses in most states require a street address to operate be suspicious of businesses that have only a P.O. Box or Mail Drop Businesses.
If you can’t get a hold of the person or business directly chances it may be a scam.
Direct Lines In Business World
In the business world businesses have direct lines of communication to answer any questions customers or others businesses may have.
Also, be wary of others answering the phone and telling you the person will call you back, but never does. This is also a classic sign of this scam.
Tip 5: Non-Disclosure Paperwork: RED FLAG
Watch Out For Non-Disclosure Paperwork.
Be wary of any person or business that asks you to sign any ‘non-disclosure’ or ‘non circumvention’ agreements. This is usually a sign the person or business you are dealing with is a scam.
What Are Non-Disclosure/Non-Circumvention Agreements?
Non Disclosure & Non Circumvention Agreements are agreements designed to prevent you from independently verifying the bona fides of the persons you are conducting business with.
Some con artists even use them to threaten civil suits should the victims report them to authorities.
Know Any More Tips?
If you know anymore tips on how to avoid Advance Fee Scams post them in the comments below. Help others avoid being scammed and get credit for the info in the update to this article.
Report A Scam
If you have been scammed, you need to report it to the proper authorities.
To begin the process of Reporting A Scam click HERE.
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Leave A Comment Below
If you have any questions, comments about this subject, or want to share your experiences with Advance Fee Scams comment below. I look forward to hearing from you.
Earning, Making & Saving Online Member