Investigating advance
fee frauds
For the fraud investigator
investigating advance fee
frauds can be very difficult.
Traditionally they
originated in Nigeria as the
418 scam - but the
problem is world wide.
Somebody is trying to get
you to pay money up front
so that they can release
large sums of money to
you - only once they get
your money they up sticks
and disappear.
As a forensic accounting
specialist investigating these
frauds it can be almost
impossible to trace
activities back to the
source. The crooks operate
in cells, often in counties
hostile to investigators and
extradition. If the
authorities ever get too
close, no matter how much
the fraudsters have
invested in a particular
scam they will close down
and set up again in a
different country. The cells
never work together and
only communicate by
mouth.
Why Choose A Career As
A Forensic Accountant?
A forensic accountant is
an accountant who
investigates rather than
provides accountancy
services. He or she is
effectively looking into
the accounting activities
carried out by others
and reporting on...
Beware The Advance Fee
Fraudsters
For the fraud
investigator investigating
advance fee frauds can
be very difficult.
Traditionally they
originated in Nigeria as
the 418 scam - but the
problem is world wide.
Somebody is trying to
get you to...
Protecting a Business
from the Attention of
the Fraudster
Fraud happens on a
regular basis. This is
evidenced by the daily
reports we read in the
newspapers. It does
seem that the never
ending tide of major
losses resulting from the
deceit of a proportion
of...
Are You Interested in a
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When you hear about a
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the work of a forensic
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and therefore is applied
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How to Prevent Fraud
The risk of fraud exists
no matter how deep a
business owner sticks his
or her head in the sand!
Companies are at
greater risk from the
fraudster if they ignore
the threat and think
"..but it will never...
Fraud happens! - a look
at some of the reasons
why
Mark Jenner investigates
frauds and scams
wherever they occur It is
possible to liken fraud
to a terminal disease.
You know how bad it is,
you know that it
happens to a lot of
people a lot of the time
- yet...
Who Investigates Fraud?
Fraud is a serious crime
to commit and
manypeople are caught
red handed each and
every day. If you are
curious about who
investigatesfraud in the
USAyou have come to
the right place. Inorder
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The Case For Criminal
Defence - Why We Really
Do Need It
It is sometimes hard to
maintain the morals and
attitudes that have
allowed the Western
world to develop into
the strong and proud
nations they are today -
when we see criminals
walk away from jail on
a...
The way it works
The name of the fraud is
taken from S 419 of the
Nigerian legislative act
which defines the offense
of advance fee scamming.
Although this Nigerian 419
fraud has been in
operation since the 1980s—
contacting victims first by
letters, fax communication
and now more efficiently
by e-mail —advance fee
frauds have been going
strong for centuries.
The approach is often from
an apparently wealthy
person looking for
somebody to help them
out. They promise the
victim a percentage of a big
sum of money but there
are always problems in
getting the funds
transferred out of their
country. If the victim helps
to grease the
"administrative wheels"
with a small fee to bribe
corrupt officials he or she
will be reimbursed once
the money is received.
But more and more
expenses always crop up.
The victim is strung along
with false promise after
promise until the
fraudsters can get no more
money out of the unwary
victim, then the crooks
disappear. Contact details
no longer work. This kind
of fraud works best with
those greedy victims who
wanted something for
nothing. It plays on their
greed and after all, what is
a few thousand compared
to a couple of million?
Often the fraudster claims
to be a businessman who
just needs a little money to
get his products from his
location to yours. When
importing fishing flies from
Kenya from a seemingly
reputable agent I was
asked for "advice" on how
the agent could deal with a
request he had for several
million pound worth of
veterinary drugs he had
been asked to source. The
commission for the UK
agent was about
£1,200,000! Either my agent
was being conned myself
or he was cleverly trying to
get my interest I will never
know. I sensibly told the
chap to get references
from his inquiry before
proceeding any further and
otherwise showed no
interest in the opportunity.
Did I miss the chance to
become a millionaire for a
few days work? I don't
think so - and it shows that
so called "Nigerian" scams
are not limited to Nigeria
but are in fact a world
wide problem.
Another variation is the
stranded, persecuted
church. This one plays into
the sympathies of the
religious helper. They
always want money up
front, sort of like most
work-from-home scams or
time-share resellers. Fall
for these scams at your
own peril.
When forensic accountants
investigate these frauds
their job can be quite
difficult indeed. Whys is
this? It is because the
perpetrators are almost
military in their discipline.
One whiff of the
authorities closing in and
they close down and start
afresh somewhere else.
They opperate in cells and
cannot or will not be
persuaded to divulge
details of other operations.
In conclusion
As a fraud investigator
working in the private
sector I have come across
many victims of advance
fee fraudsters but have
never been able to do
more than pass on the
details to the police. This is
because only the law
enforcement officers have
the authority, ability and
most importantly desire to
investigate cross border
jurisdictions in places like
Nigeria. many victims have
traveled to Africa in the
hope of meeting the so
called business men to
assist with the transfer of
money back to them. In
many cases they have never
been seen again.
Fortunately the
governments of places such
as Nigeria have been
proactive in trying to stamp
out the fraud and
corruption that is
disadvantaging their trade
and standing in the
international community.
Legislation such as the 419
code has gone a long way
to counter the problem
but much more is needed
by the authorities all round
the world if the problem is
to go away.
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