what are some of the reasons the nigerian email scam has been successful? course hero

by Elmore Grady 10 min read

What is the Nigerian scam?

The FBI’s Nigerian email scam ring bust shows how the billion-dollar global fraud has evolved. A series of arrests by the Federal Bureau of Investigations in the US has nabbed one of the “most ...

Where do phishing emails come from in Nigeria?

Advanced fee fraud. The Nigerian 419 scammers experience a high rate of success because people are often willing to risk a small amount of money in order to take a chance on getting a much larger reward. It’s a type of scam known as advanced fee fraud, and it’s not the only example to be found online.

Who is most likely to be scammed on the Internet?

Dec 10, 2014 · Nigerian scams work all too well. Despite constant reports of Nigerian scam swindles in the media, people continue to be fooled. It should be noted that con artists have been perfecting Nigerian scams for decades. It may be hard to believe but this type of scam has been around since the 1920s when it was called the Spanish Prisoner Con.

Are millennials more likely to be scammed on the Internet?

May 20, 2015 · Nigerian Email Scams The Nigerian email scam , also known as the “419 scam,” pre-dates the Internet. The attacker masquerades as a bank account manager (in earlier days, the attacker would masquerade as a Nigerian prince) and asks the victim to help him transfer a large sum of money, a chunk of which the victim would supposedly keep himself.

What do scammers ask for in an email?

Scammers will pose as investors or lawyers and ask for help (funds) to enable large and promising investments to be made in overseas bank accounts. The emails are usually designed to make the recipient curious about how the money was obtained or how the interest will be earned in exotic locations, and promise a significant payout as a reward for their assistance.

Why do scammers ask for personal information?

Scammers ask for personal information such as name, date of birth and driver’s licence number in order to verify the supposed winner’s identity. These details can be used for identity fraud. Some emails ask for a small payment to be made in order to facilitate the payment of the lottery winnings.

How to protect your business from scams?

How to protect your business against Nigerian scams 1 Educate staff about what scam emails can look like, 2 Never send private or financial information over email 3 Update all anti-virus software to the latest versions, 4 Establish two-factor authentication on email and system logins, 5 Require two or more signatures on money transfers over a specified amount, 6 Ask your email server operator to add a flag to emails that originate outside the network.

How to protect yourself from scam emails?

Protect yourself by reaching out to trusted people who are not involved to help you verify that the email is a scam. Do not send money, gift cards, electronic transfers, cryptocurrency, wire transfer such as Western Union or money order.

What happens if you send money to a scammer?

Unfortunately, if a person does decide to send money, it will soon be followed up with a request for more. According to the subsequent emails sent by the scammer, unexpected costs are often discovered, such as increased taxes or bribes to officials.

Where did the 419 scam originate?

The 419 scam is an infamous advanced fee fraud tactic that originated in Nigeria and has since spread around the world. The most well-known source for these emails is Nigeria, but they can originate from anywhere. In Nigeria, the crime has become a significant source of income for some, although section 419 of the Nigerian legal code prohibits it ...

What is online dating scam?

Online dating scams typically begin on forums, dating apps, and other public spaces that attract single or lonely people. Scammers work to convince victims that they are in love with them but there is a reason they can’t meet yet – that they need money. Soon the scammer will request money for investments, help with living costs, hospital fees or demand extravagant gifts.

Bounced checks and counterfeit money orders

The reality is, of course, that the check received from this person is bogus. They tempt you even further by suggesting that you keep some of the money and just send back the difference. Once that money is sent back, you’ll see the error in your ways because the check will have bounced.

Nigerian scams work all too well

Despite constant reports of Nigerian scam swindles in the media, people continue to be fooled. It should be noted that con artists have been perfecting Nigerian scams for decades. It may be hard to believe but this type of scam has been around since the 1920s when it was called the Spanish Prisoner Con.

What is the Nigerian email scam?

The Nigerian email scam, also known as the “419 scam,” pre-dates the Internet. The attacker masquerades as a bank account manager (in earlier days, the attacker would masquerade as a Nigerian prince) and asks the victim to help him transfer a large sum of money, a chunk of which the victim would supposedly keep himself. The only hurdle is the need for the victim to pay a small fee in order to release the funds. The goal of the scammer, of course, is obtaining that “smaller” fee from the victim. This scam solely relies on the scammer’s social engineering abilities, and in most times everything is done exclusively via email.

What is the purpose of a work from home scam?

In a Work from home scam, also known as “Mule Recruitment” scam, the purpose is different: build the infrastructure that allows attackers to steal victims’ money.

What does it mean to be a hacker?

A hacker should be, in our minds, a technological whiz-kid who will spend hours until he finds that one vulnerability that will grant him access to the system he’s trying to crack.

What is social engineering attack?

In this social engineering attack, a scammer calls up the victim and identifies himself as a bank representative, or a rep from the victim’s telephone company or any other service provider that the victim is using. The attacker may already have partial information on the victim, and he uses it to establish the victim’s trust. After all, if the person calling you already has information that only your service provider should know, he must really be who he says he is, right?

What is phishing attack?

Phishing attacks are also considered to be a form of social engineering. The attackers build a website masquerading as a legitimate company, usually a bank. The website looks like the real, legitimate bank’s site; indeed, even professionals sometimes have difficulty distinguishing Phishing websites from real sites.

What is spear phishing?

While Phishing attacks are aimed at masses, and involve sending millions of emails in hopes of obtaining a few credentials, Spear Phishing attacks are specifically tailored to a few specific victims. Instead of sending a generic “Your account will be suspended if you don’t update your information” message to a huge list of email addresses, the hackers design emails based on their targets. This can be anything from having a personalized message (“Dear Mr. McPherson…”) or mentioning a conference the victim recently attended. Many Spear Phishing emails are aimed not at getting the user to divulge information, but rather at getting the victim to open an attachment that’s infected with malware. Hackers often use this method of attack to gain access into organizations, so employees should be especially vigilant about watching out for these types of attacks in the workplace.

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It just goes to show that even the smartest person can still be as gullible or as greedy as the rest of us, if the conditions are right.

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