| '419' Letter scams
The Nigerian Advance Fee scam, better known as the '419' Letter scam has been around since the early 80s. Millions have fallen for this scam and the count just keeps getting bigger. Victims of the Nigerian 419 letter scam lose USD$3000 on an average, according to the FBI. Hundreds have been felled chasing the 419 scheme.
If you're wondering what 419 signifies, it's the section of Nigeria's penal code that the fraud violates.
How it works:
You receive an email from an alleged official representing a foreign government or agency, who says he's seeking an accomplice to transfer embezzled funds for a big percentage. You would be asked to travel overseas to complete the transaction. You would then receive several documents with fake official stamps testifying to the authenticity of the proposal. To clinch the deal, you would be asked to pay thousands of dollars in advance, which would go straight to the scammers.
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