The Nigerian prince hoax is one of the most well-known scams in the U.S. The con runs like this: A royal family member in a faraway country asks the victim, through a letter or email, to transfer millions of dollars out of his or her country by depositing it for safekeeping in the victim’s bank account. The royal may even ask for money to pay a fee or taxes for the transfer. Either way the victim has money stolen from them.
This hoax may seem pretty obvious or you may think highly of others – people are intelligent enough to see through the deceit. However, scammers are still raking in the dough. According to the Financial Fraud Research Center, about $40-$50 billion are lost to scams each year. Con artists’ incomes depend on tricking everyone, even you, so they learned to be cleverer than the worn out prince scheme.Read More