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Common Frauds To Watch Out For
It can be expensive to be unaware of the most common internet fraud activities.
Advance Fee or “419 Fraud”
These are unsolicited letters and emails offering the recipient a generous reward for helping to move a staggeringly large balance of funds, usually in US Dollars. These funds claim to be anything from corporate profits / accumulated bribes / unspent government funds to unclaimed funds from a deceased person.
The fraudsters are after banking details. The transactions typically require the recipient to pay something like a fee/tax/bribe to complete the deal – this is the Advance Fee. Such fees will be lost.
A recent development is to convince the recipient that the funds are ready to be moved by getting them to log into a fake bank website and look at a specific account which shows a credit balance of tens of millions of dollars. These funds do not really exist.
It is also common for recipients' details to be used in other frauds.
Lottery Frauds
These are letters or emails which advise that the recipient has won a prize in a lottery. To obtain the funds the recipient has to reply. A request will then be made for bank details to allow for funds to be transferred. They may also ask for a handling/processing fee. This fee, if paid, will be lost. Also any details given will probably be used in other frauds.
Virus hoax emails
It is a sad fact of life that there are those who enjoy exploiting the concerns of others. Many emailed warnings about viruses are hoaxes, designed purely to cause concern and disrupt businesses.
Such warnings may be genuine, so don't take them lightly, but always check the story out by visiting an anti-virus site such as McAfee, Sophos or Symantec before taking any action, including forwarding them to friends and colleagues.
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