Fraud and Scam News

Fraud is increasingly focusing on small, vulnerable groups in society. Fraudsters are finding it easier to con people in small numbers. One reason it works is that there is less chance of word spreading about the scam. This gives them more time. It also makes them less likely to get caught.

Fraudsters today also have access to powerful technology. This helps them to con easily and more convincingly. They are today enabled to act out scams that are more plausible. For common folks like you and me, to spot a scam has become more difficult than ever.

This is why it is important to have a general awareness regarding online fraud. Those who are unaware would become easy victims to scam. But simple familiarity with their ways can nullify your chances of being drawn to this scam.

The scam here is a favorite with fraudsters. It is the most widely used format for perpetrating scam. But, if you can get a grip on the basic plot and are able to remember the pattern, you can tell this scam as soon as you see it. It becomes easy once you know it.

The Advance Fee Scam

The scam revolves around a small plot:

• Fraudster sends you a check for a substantial amount. He seeks your help with encashing it.
• In return, he offers you 15-20% of the amount for the help. He asks you to prepare a check for the balance amount in his name and send it to him.
• You send your check.
• Fraudster encashes your check as soon as he receives it.
• Much time after you deposit his check, your bank informs you that the check was fraudulent.
• You realize that you have been scammed.

Fraudsters find the advance fee scam routine pretty useful and are known to build many scams around its theme. With just a few tweaks here and there, they are ready with a fresh scam to make new victims.

Here are a few posts to get acquainted with variants to the scam:

A Scam on Online Sellers
The Original Advance Fee Scam from Nigeria
A Variant from Australia!
One for Gullible Investors

Reading the above will make you armed and ready to face them!

Related posts:

1. Online Job Scam: Saved from a scam!
2. Advance Fee Loan Scams-Telltale signs and prevention
3. International Check Cashing Scam Can Defraud You Expertly
4. Fraudster impersonates real owner to carry out online rental scam
5. Posting resume fetches a ‘Fake Check Scam’ for woman in Greeneville

March 7th, 2008 | Category: Advance Fee Scam | Subscribe to comments | Leave a comment | Trackback URL