Email has replaced many forms of communication media, and is unscrupulously used by scammers and con artists to extend their reach to a global arena. It’s not just about simple identity thefts anymore. Those phishing emails seem pale in comparison to the many other scams perpetrated by others on the internet. At least, when it comes to identity theft, you did not participate much except that you mistook a well-disgusied website as an authentic one and gave away your passwords and personal information.

The Nigerian email scams are not new. They’ve been steadily becoming a popular menace for consumers since 2000 and perhaps before that too. I myself, know of a few persons in my circle that have almost fallen victim to the scam. The fortunate ending was that no money were ever exchanged and their folly were caught in time! Being a savvy internet surfer since the internet gained popularity in the early 1990s, I was glad that I helped one of these individuals wake up to the sobering truth.

However, the emotional damage cannot be avoided. The feeling of discovering the truth, feeling like a fool is hopefully the worst of all. Yet still, many others fall victims financially every year. When one receives an email pleading for help from a stranger (and that stranger happens to be you!), looking for your help to move money from a decease’s bank account to another name, but promising to give you a generous percentage for your troubles, greed and gullibility takes over and all sensibility is throw out the back door.

The mantra “if it’s too good to be true, it usually is” should really be heeded. I haven’t calculated the odds but I think you stand a better chance of winning the lottery than having a genuine stranger find you by email, and asking to give you money. Most victims never get to confront their scammers, while others make trips to Nigeria to discover the truth in the worst way; meeting with “government officials” and giving away money to “open” bank accounts.

These 419 frauds, or “advanced fee” frauds (as they are usually called) are a perfect reason for Investorial’s existence. We will always preach to take on all medias dealing out financial news/information with a grain of salt. Your best protection is your understanding. Financial knowledge is not difficult to understand. You don’t need a degree or take a lot of schooling to become a financial genius. It has more to do with common sense and having the inquisitive mind to better yourself that makes all the difference! If you don’t know, read books, search for information ask somebody who does know. Just be sure that they are explaining facts to you, not their opinions. And do make sure you understand it too!

The 419 Coalition Website
Nigerian Fraud Email Gallery
Globe & Mail: ‘Nigerian email scammers feeding on greed, gullibility by Stephanie Nolen