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Sep 27, 2024 · In the late 1990s and early 2000s, "Nigerian Prince" emails became infamous — typically involving someone claiming to be royalty and asking for money that they promised would be paid back with...
- 5 min
- Debora Patta,Sarah Carter,Meshack Dube
Mar 5, 2020 · Also known as the 419 fraud, the Nigerian prince is a variation on the centuries-old Spanish prisoner swindle, an advance-fee scam that emerged after the French Revolution, where people sent...
- 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...
- 10 min
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.
Answer: The "Nigerian Prince" is a long-running scam where someone would text, chat, call, or email someone and claim they were a Prince from Nigeria and they needed help getting around some bureaucratic issue to access their untold wealth, promising a great reward in exchange.
May 22, 2013 · CONAN: That letter has become familiar to us as the Nigerian Prince scam, and it's become a punchline. But this con game has a lot of names, including 419 and the Spanish Prisoner. It dates...
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Who is Prince Oduro?
Is a Nigerian prince trying to conduct overseas business?
Prince Oduro, 34, was involved in multiple fraud and money laundering schemes for several years, including through his employment at a bank and through online romance scams, according to the U.S....
