While there are so many sites offering bad credit mortgages and online credit reports, we have also seen various scams on the web. One well-known scam is the one from Nigeria. Many of you may have received 419 scam letters of Nigerian origin. If you are wondering what these are about, you will be astonished to know that they are actually linked to the drug trade and terrorist funding.
This is how it works most often. First, you get an uncalled-for message that pretends like it is a business proposal, notice of a potential inheritance, request for help, or chance to help a charity. All the messages claim that your assistance is required to gain access to a huge sum of cash. The messages offer to let you keep a considerable percentage of the funds in question in exchange for your assistance.
Once a recipient has started a dialogue with the scammers, he or she will soon get requests for “fees” that are claimed to be essential for processing costs, legal fees and tax, or bribes to local officers. Actually, the funds are fabricated and not real. The major motive is to trick people into losing their money in the way of these advance sums.
To avoid identity theft, you should review your credit report regularly. Inform the credit bureau in writing about any dubious entries and keep track until they are removed or explained. Again, beware of credit report scams.
Even though the main source is Nigeria, these scams operate in many countries. And in response to the 419 letters, unfortunate victims send money to Nigeria and other associated countries.
Nigeria is a deep-rooted source of 419 scam and international Drug problems. Nigeria is known to be a shipment spot for cocaine and heroin intended for North American, European, and East Asian markets; safe haven for Nigerian drug traffickers operating internationally and a key money-laundering hub. Also, the Nigerian government is reluctant in tackling the insufficiencies in its system for anti money laundering.
Movement of funds through a Financial Action Task Force (FATF) designated as non-cooperative territory is said to be a feature of financial transactions pinpointing terrorist funding. In fact, Nigeria is listed as an FATF non-cooperative territory.
Recognized sources of terrorist funds include fraud charities, drug trafficking, and fake internet products.