Money-Exchange Schemes


A money-exchange scheme is a scam in which the victim is notified that a large amount of cash is being held for them, usually in a foreign bank. Victims are told that to get the cash out, a retainer must be set up, which when paid will free up the cash for them. By putting up the cash upfront, victims are told they will receive a cut of the cash being transferred. In some cases, the perpetrators ask for the victim's bank account and routing number so that they can "easily deposit the money."

There are variations on this theme with regard to the story wrapped around the scam. Sometimes, a rich relative has died, and you have been identified as the sole heir. Sometimes, a small organization is notified, perhaps a church, that some rich foreigner wanted to leave the cash to it. No matter the story, it is all a scam. These people will take the upfront retainer money the victim gives them and disappear.

For some reason, Nigeria is often the country used in the scam, so much so that the scam is also called a Nigerian bank scam. It can and does originate in a lot of places, however, so do not fall for it. If you are approached via e-mail or by phone about one of these "opportunities," contact the authorities. The SEC and the FBI are good places to start.




Home Network Security Simplified
Home Network Security Simplified
ISBN: 1587201631
EAN: 2147483647
Year: N/A
Pages: 130

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