It is gut-wrenching to find out that someone has pinched your pocket, and it is equally annoying that you fall for the same trick on the internet. The only difference between getting your pocket pinched on a subway and falling for an online scam like Advance fee scams is that the latter plays with your emotions. This article covers all you need to know about Advance fee fraud.

The internet has connected us globally; we can share our ideas and knowledge and even transfer funds. We can book hotels in faraway places without needing to go to the place and book when we arrive personally. With the advent of the internet, businesses have come closer. You can even monitor your toddler in a crèche as you work in the office. The internet is indeed a boon.

But unfortunately, some miscreants use this technology for unethical purposes. Scamming is one of them; these guys are so devious that they prey on others to fill their bellies. They have no respect for others.

Advance fee frauds are running rampant throughout the globe. Previously they were restricted to countries like Europe and North America. But unfortunately, they spread like untreated cancer worldwide, with many falling victims and losing their livelihoods.

What are Advance Fee Scams?

These are the types of scams where you need to pay a token amount to ensure you get a massive amount of money in return.

Advance fee scammers send bulk emails that are unsolicited to their victims. These emails generally try to work on your emotions and try to connect with a humanitarian cause and will also reward you for taking the initiative of contacting them.

These emails originate from third-world countries like Nigeria, Iraq, and other emerging countries where conflicts and a constant threat of civil war are common. A few wealthy people or warlords predominantly control the government. The rest of the country is stricken with hunger and poverty, and daily crimes are the norm of these societies.

What are the different types of Advance Fee Frauds?

Several scams are committed under Advance Fee Scams. We have listed below the popular ones.

Investment scams

You will receive a “Once-in-a-life-time-opportunity-to-make-it-big” email. The investment opportunity is a flight or two away. You have the privilege of being contacted by a senior person in the government or a financial advisor who needs confirmation immediately. The plan is simple; you need to invest a bit into the “investment scheme,” which has a high rate of returns with minimal low risk.

These “so-called” seniors inspire some trust in the target; titles like “Governor of the Reserve Bank,” “Barrister,” “President,” or “Chief Executive” are often used. In addition, to give the impression that they are more senior members of their organization, many fraudsters assume the title “Dr.”

Once you have contacted them, they will keep charging several “taxes” by sending forged papers to you so that you can believe them. Once the money has left for its destination that is on its way to you, surprisingly, it gets held in several other countries where you need to keep paying to free that money.

Once you discover that you have been scammed, it will be too late; these scammers have already fled away with your money.

Deposit Scam

Scammers will require sensitive details to ensure that lump sum money is deposited into your bank account. The scammers impersonate victims who have raised money through fraudulent activity or money laundering, and they want you to be a part of it as they are willing to share it with you.

Once you have contacted them, before releasing the “alleged” money, you need to pay some in the form of taxes and money transfer fees. In the end, you become the victim parting away from a substantial amount of your wealth.

Business opportunity

These types of scams are similar to the investment scams mentioned earlier. The scammers pull their victims into believing they will invest in a sure profit business. The intended business project will be based in any one of the countries globally to instill trust in the intended victims. Scammers will forge documents giving you an outline of the business proposal. Since the business would be new, partnering in Initial Public Offerings or IPOs and holding a certain amount of stake is irresistible.

Once you have fallen for their ruse, you will keep paying money in the form of business projects, business plans, project fees, and so forth until you realize you have been had.

Accident Scams

Scammers will make friends with you on social media and try to gather as much information as possible. They will be friendly and will make you feel comfortable. Then, a few days later, they “surprisingly” get involved in an accident, and the “good” doctor will try to connect with you, who will be treating your “new” friend.

The doctor stresses how it is crucial for “you” as a friend to save this “new” friend. And since your “new” friend requires “medical treatment,” you should help them. So you go on and help your “new” friend who forever takes his sweet time to recover from a “life-threatening accident.”

Relationship Scams

Quite similar to an accident scam, but the only difference is that you do not have a friend; you are in the process of “developing a romantic relationship.” This “crush” of yours is surprisingly a flight away. Nevertheless, the relationship develops, and after a few days, your “crush” desperately needs monetary help. Hence, the saga begins when your “crush” crushes you once you discover you have been taken for a ride.

Black money Scam

Guess what? Scammers have discovered an innovative way to transfer your black money by coating it with a “special” black powder that can be washed away, revealing the money when needed. Victims are convinced that this “black” money will be sent to their address, but they need to pay some upfront.

Sure enough, they reach their victim with the notes on the top of the stack covered in black powder as promised. The notes have a thin film of vaseline and are covered with a black powder that can be washed away. However, the remaining “notes” in those stacks are either black-colored papers or photocopied papers cut into the size of the currency.

Bogus checks scam

Scammers target smaller businesses, approaching the business owner and striking a deal. These scammers will send a check from a bank with the amount written covering the price of the goods and freight price.

Depending on how good the check is “forged,” the bank takes time and assures the business owner that it appears genuine. Once confirmed by the bank, the owner processed and sent off the shipment. However, when the check bounces, the business owner loses not only on the goods sent across but also ends up paying additional transactional fees for submitting dishonored fees.

419 Fraud

419 advance fee scams are also popularly known as Nigerian prince scams. Here, “419” denotes the Nigerian Criminal Code section that overlooks frauds, their charges and penalties for their offenders. Traditionally, the scam took place over fax and mail, but with generational transitions, it is now found across online platforms like email. In this scam, the con artist promises big money, or goods and services in exchange for an upfront fee. At times, they may even seek the assistance of their targets in transferring illegal money for a profit.

Credit scam

Scammers will contact business owners for some goods. They will pay off the price quoted by the business owner. Once the business owner has the money in their bank account, for some odd reasons, the scammers will decline the goods before they are shipped and request the money to be wire transferred through MoneyGram or Western Union. Once the money is transferred, these scammers contact their credit card companies and ask to stop the payment. Thus the owner does not get the money and ends up paying these scammers.

Loan Scam

Targeting people who are desperately in need of a debt and the ones dealing with poor credit scores, advance fee loan scams may come off as a great opportunity. These swindlers propose pre-approved loans, a credit card with a huge limit, or a new line of credit for a small advance fee. Naturally, people who have a pressing need for finances, fall for these deceits.

Charity scam

Scammers will impersonate a “Pastor” or a “Priest” running a charity for their church whose identity and whereabouts cannot be confirmed. Then, under the guise of charity, they contact their victims, who pay these scammers for humanitarian causes.

Hostage scam

One of the most dangerous scams is where the victims are lured by convincing that they come down to the scammers’ country and meet in person to claim the money promised.

These victims go to the destination where the scammers are awaiting their arrival. Once these victims come in contact with the scammers, they are kidnapped and forced to pay extortion money. The victims, being terrified, pay away these scammers.

Scammers may also collect sensitive details that can be used again in the form of identity theft scams.

These victims face the worst kind of trauma; not only are they mentally harassed but also financially too. Unfortunately, the road to recovery is pretty long for these victims.

What are the Tell-Tale Signs of Advance Fee Scams?

All Advance fee scams have one thing in common; the email will assure you that you will get a substantial amount of money, and the email writer is in a dire situation. The writer can be a catholic priest, a wealthy business person, a politician, a rich person dying, you winning a lottery, and so forth. On humanitarian grounds, you need to help, and in return for the help, you will get an assured portion of money either. You need to fill in the details, and they will contact you. And then, they will explain the “arrangement,” where they need you to confirm that “you” are an authentic person, and the proceeding should go to you.

Frequently they will depend on someone to assist them in sending it abroad to divide the specified money with them. They reassure you that there is no risk involved and want you to provide them with your personal information.

How does an Advance Fee Scam Work?

These scammers always work in groups. They are so cunning that they will also add references for you to call to verify their authenticity. If you call them, then be sure you will be suckered into a scam that they nicely weave.

These scams work in two ways: either they will provide you with a bank account number from where you will wire transfer through MoneyGram or Western Union Money Transfer services or ask to provide your sensitive information. Then, once you have provided your details, they will call you and convince you to send some money to their account for “authentication.” they will either ask for more money or try to convince you that they will send the money soon to your account.

Some advance fee schemes will also provide “forged papers” to prove that they are victims and require your help.

No matter the scenario, you need to pay them a “fee” to confirm your interest in the “money,” your identity that you are the same person these scammers are thinking of (or considering), and pay overhead taxes, charges, and so forth. Then, they will put their hands in your pocket and try to take as much as possible before letting you go.

Once they have met their target, they will take the money you have wire transferred into the account and disappear as mysteriously as their mail appeared.

The other method is even more dangerous than the former one. If you happily provide your sensitive data to them, then be assured that you may become a victim of identity theft.

How to avoid Advance Fee Scams?

Here are a few tips that you need to understand before answering the email you received.

• Nobody in this world is that charitable to spend that amount of money on a stranger. You must have seen many celebrities in Hollywood who either pass on their wealth to their relatives or donate their money to humanitarian causes if they do not wish to pass on their wealth.
  So ask yourself why anyone would ask for your details to verify your identity before passing on the wealth when they hardly know you.
  
• If you stay in a developed country and receive a winning lottery ticket that you never took part in, how does that “money” belong to you?
  And the number one question you need to ask before replying to that email is if that money belongs to you, why do you need to pay to get your assured sum back? That money is “yours,” and then they will directly transfer it into your account; why would you need to provide your sensitive details? Is that a sure-shot way of becoming a victim of an identity scam?

How to protect yourself from an Advance Fee Scam?

It would be wise to remember that nobody in this world gives freebies; if they do, there is always a motive.

The advance fee fraudulent emails written by these scammers are poorly written English. As a result, the entire email will contain a lot of broken English and grammatical errors.

The email may originate from several “so-called” victims who wish to transfer their wealth outside their country. Chances of you “winning” a lottery without your knowledge of ever buying that ticket should raise red flags.

Chances of the email originating from a lawyer or a government of a third world or a developing country asking for your permission to transfer a substantial amount of wealth of your long lost relative into your bank account.

It will help you if you remember that it is a criminal offense to embezzle funds from the government or business. But, even if they appear genuine, you could have entire law enforcement agents at your doorstep.

Documents can be forged for a few dollars, especially with the latest online applications, so never trust or entertain any of these emails. There are chances that these emails have found their way back into the “Spam” of your email account. If you wish, you can go through them for entertainment purposes but never reply to them, no matter how convincing they appear.

Remember that person on the other end will only know about you based on the information that you have provided to them.

Never indulge in sharing your sensitive data, which can be used for identity theft.

Consult a specialist lawyer, financiers, the Department of Foreign Affairs, or the embassy or consulate of the country you wish to do business with if you plan to conduct business with individuals in a foreign nation.

Abstain from using the references provided in the email, which you are suspicious of. The chances of those telephone numbers belonging to the scammer’s friend are high. Do research on your own before contacting their references. If you are still looking for any, do not push the matter further; ignore it.

How to get your money back from an Advance Fee Scam?

When you discover that you have been ripped off, it would be stupid to pursue the matter alone. Instead, you can contact your local law enforcement agency and provide the details provided to you by the scammers.
You can also approach financial fund recovery agencies that indulge in recovering their clients’ (victims) funds. These guys are professional and have the human resources and the technological edge to trace these scammers.

“Why is Morgan Financial Recovery a trusted name in Advance Fee Scam Recovery?”

Morgan Financial Recovery is a seasoned player in recovering funds from scammers. To date, more than $3,000,000 have been received by this firm. We have state-of-the-art technology and human resources to pursue the matter, and legal muscle ensures that the fund can be recoverable.

Why choose us?

• Morgan Financial Recovery is a renowned financial fund recovery agency with a success rate that rivals the best competitors in this industry.
  
• We have won Prestigious Awards for being one of the best recovery agencies in the industry.
  
• We have recovered more than $3,000,000 lost by clients to scammers in different types of scams.
  
• We have state-of-the-art technology with experts who track down lost funds and recover them for our clients.
  
• We have the necessary human resources and legal muscle to ensure that the client’s funds can be recovered.