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Nigerian Fraud Growing
New and Improved Con Game Running Rampant
When you open the letter, you'll read:
URGENT BUSINESS PROPOSAL
Request for your assistance and cooperation
Re: transfer of US $30.5 million into your account.
The letterhead may be just a name and a FAX number, or it may bear the seal of the Nigerian National Petroleum Corporation.
It is usually signed by a Dr. or a Prince.
It informs you to "guard this information with the strictest confidence."
It tells you about a contract awarded to build a refinery, or the payment of the commission that has to be done with a foreign partner. (That would be you.)
Or it reveals the "cleverly over-invoiced contract claim" that is classified "sensitive" and must be moved in "7 working days" or a real estate deal.
You make 30% of the $30.5 million, they say. for you; 60% for "us"; and 10% to be set aside to offset expenses.
You are directed to FAX your name and address, your bank and account number, and your private telephone and FAX numbers, and sometimes some blank letterhead.
Almost all of the letters came out of Lagos, and are quickly identifiable by the stilted language and incorrect grammar.
If you bite, you are invited to travel to Nigeria or a border country to complete the transaction. Once there some alleged problem will suddenly arise-a necessary bribe of an official, or an unforeseen tax, or fee to the Nigerian government will have to be paid before the money can be transferred. This will happen many times and sometimes allow the scheme to be stretched out over many months. (The least we've heard was $9,000 lost-the most was $800,000-total loss is estimated to be in the millions.)
New And Improved
In addition to the letters from Lagos, they are now also coming from London, England. The grammar and language have improved. And the message is much more subtle. " ...I had the privilege to work as the personal Assistant to...a Deputy Governor of the Central Bank of my country. Unfortunately, he recently passed away unexpectedly. Prior to his death, he handed over to me documents pertaining to a very large amount of money which he had successfully transferred to a domiciliary Apex account within the Central Bank…"
No amounts are mentioned. Just a request for "…your assistance in transferring these funds out of my country." The signer is again a "Dr" and the only heading on the letter is a FAX number for you to simply contact the writer to express your interest.
Between TV specials on this scam, and banker education, you'd think there would be nobody left to fall for this con game. Unfortunately, that's not the case. The Financial Crimes Division of the Secret Service in Washington, DC receives up to 100 telephone calls a day from victims or potential victims, and up to 500 pieces of related correspondence each day.
They have established "Operation 4-1-9" (named after the section of the Nigerian penal code addressing fraud) designed to target the Nigerian advance fee fraud on an international basis. The special agents staffing this group are creating a data base of writers, details, etc. and working closely with other agents inside Nigeria.
They'd like to know about any contact you and/or your customers receive. (Many of the letters are addressed to financial institution presidents!)
Please let them know of any activity of this type. Call their DC office at (202) 406-5572 or FAX them at (202) 406-6930.
We've said it before. TINSTAAFL!* Let your customers know this is a fraud. They will lose their money- or worse. There are reports of victims who have traveled to Nigeria to try to recoup their funds, who have simply disappeared.
Protect your customers.
* There Is No Such Thing As A Free Lunch!
Copyright © 1997 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 7, No. 6, 5/97
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