419-Scams

What is it?

The 419-scam is one of the oldest electronic scams. This scam is usually initiated over email, where the victim is promised a substantial return or reward for a small upfront payment. Once the payment is made, the fraudster will either invent more reasons for the victim to make further payments or disappear.

419-scams usually involves massive amounts of money and seemingly prominent people. A typical example would be a “government official” claiming that they need to move funds (usually millions) to the victim’s country and that they need a valid bank account number to deposit the money. They will then promise the victim a large cut of this money in return for the favour of using their bank account. Once the victim responds favourably, they will invent some reason why the victim needs to first make a small payment to them – either a show of good faith, admin fees or another made-up fee of some kind.

Warning signs

  • There is usually some sense of urgency for the upfront “administration fee” to be paid.
  • You don’t know the sender of the email, but they claim to have some sort of elevated social status.
  • Claims that you have won a prize or lottery, or some sort of inheritance.
  • They usually request payments to be made through a cash send channel, not a bank.
  • All communication will be via email, and the sender will try to avoid telephonic or face-to-face conversations.

How can you protect yourself?

  • If you receive an email that seems suspicious, do not reply. The age-old principle of “if it seems too good to be true, it probably is” applies. Any time where massive returns are promised for little to no effort, there is likely a scam at play and your best off simply ignoring it.

CONCERNED THAT YOU MIGHT BE A VICTIM?

Report any suspicions of fraudulent activity immediately.

  • Call the Tip-offs anonymous toll free number: 0800 222 117
  • Email toahotline@tip-offs.com
  • Visit www.tip-offs.com (This anonymous service is provided by Deloitte - a multinational auditing and accounting firm)
  • Alternatively, please email Old Mutual Group Forensic Services (GFS) on gfs@oldmutual.com