Scams and Swindles

Traps and Scams
There are many scams in investment offers, which regularly crop up in one form or another, from time to time. The general rule of thumb to follow is; if the investment looks too good to be true, it probably is. Always remember that the higher the return, the higher the risk.

Examples of these are:

  • Nigerian advanced fee scam.
  • Prime Bank investment offers.
  • Overseas brokers with special tips.

Nigerian Scam
This scam has been around for a while but despite many warnings, continues to draw many victims. The Nigerian advanced fee scheme is generally targeted at small and medium sized businesses, as well as charities. It involves the receipt of an unsolicited letter reporting to have come from someone who claims to work for the Nigerian Central Bank or from the Nigerian Government.

In the letter a Nigerian claims to be a senior civil servant and he/she tells the recipient that he/she is seeking a reputable foreign company’s bank account to deposit funds ranging from ten to sixty million dollars, which the...

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