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- Today, it seems more like a punchline than a real threat, but the Nigerian prince still gets paid: in 2018, the con brought in more than $700,000 from Americans alone.
www.popsci.com/story/technology/nigerian-prince-scam-social-engineering/The Nigerian prince scam is still fooling people. Here’s why.
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Apr 17, 2017 · Some $200 million in elicit cash has been recovered by the commission since a whistleblower policy was enacted to root out corruption. Nigerian authorities recovered $43.4 million worth of elicit cash in $100 bills stashed in an apartment in Lagos, thanks to a whistleblower.
- Latest Key Findings
- Years of Statistics
- The ‘Prince of Nigeria’ Needs Your Help
- Why Is Fraud Still So Successful?
- Manipulation and Monopolising on Emotions
- Defences For The Future
According to the ACCC’s report, “business email compromise” fraud rose to dominance in 2019. At $132 million, it became the highest category of financial loss reported – the first time this has happened. This usually involves using phishingand hacking to infiltrate company systems and email accounts. Offenders can intercept payment invoices, or cre...
Reflecting on a decadeof the ACCC’s Targeting Scams reports, we can see how fraud has changed with the times. Since the first report in 2009 (which recorded $69.9 million in losses) Australians have collectively reported more than $2.5 billionin losses. The number of reports has increased significantly. While this likely reflects a higher percentag...
Today’s offenders have very different approaches to those of ten years ago. There were once many more stories of Nigerian princes (although these still exist). These days, victims are most often contacted by telephone, although email, text message and social media communications are also common. Payment methods have advanced, too, with bitcoinand c...
While technology has long helped scammers, it has also helped improve cyber security options such as antivirus software, and email filters to block spam. So why do we still have fraud? Essentially, fraud takes a human approach. Criminals seek to capitalise on victims’ weaknesses in a calculated manner. For example, this year Australians looking to ...
As we gain a better understanding of how offenders operate, we’re starting to learn how effectively victims can be persuaded. Fraud relies on the use of social engineeringtechniques such as authority and urgency to gain compliance. Offenders often take on the identity of someone with power and status to persuade victims to send money. They also str...
The latest Targeting Scams report shows us offenders are still looking to gain a financial advantage, and will do whatever it takes. While you can’t guarantee safety, there are some simple steps that can help reduce the likelihood of fraud: 1. recognise your own vulnerability to fraud. Everyone is a potential target. 2. talk about fraud-related exp...
May 5, 2023 · The Nigerian Prince scam is a phishing attack when swindlers reach out to potential victims and promise a large sum of money in return for some help. Victims are usually asked to make an advance payment or share their personal details to get their reward.
Victims can be enticed to borrow or embezzle money to pay the advance fees, believing that they will shortly be paid a much larger sum and be able to refund what they had misappropriated. Crimes committed by victims include credit-card fraud, check kiting, and embezzlement.
Apr 18, 2019 · Over the past three years, ADT calculated that Nigerian letter-style scams have cost victims an average of $2,133. Why people fall for these scams—and how to stay safe.
Sep 28, 2021 · Also known as the "419 scam" (in reference to the Nigerian penal code that handles these crimes), these scams cost each victim an average of $2,133, according to a 2019 report from ADT Security Services.
