Money Moves September 03, 2018 at 06:38 am

6 biggest financial scams you should watch out for right now

Mildred Europa Taylor | Head of Content

Mildred Europa Taylor September 03, 2018 at 06:38 am

September 03, 2018 at 06:38 am | Money Moves

Email scams are very common

E-mails from abroad

Known as the “Nigerian scam” because of its Nigerian origin, these scams often involve someone overseas offering you a share in a large sum of money or a payment on one condition: that you help them transfer money out of their country.

The scammer will contact you unexpectedly by email, text message, letter or through social media. They will then give you a story about how large amounts of their money is trapped in banks during events making headlines at that particular moment such as coups or civil wars.

The scammer may also tell you about their inability to access a large inheritance due to government restrictions or taxes in their country.

They will then ask for your bank account details to help them transfer the money, only to later use those details to steal your funds.

Alternatively, the scammer may ask you to pay fees, taxes and charges to help release or transfer money out of the country through your bank.

As soon as you heed the request, the scammer makes up new fees that require payment before you can receive your reward. This can go on and on without you receiving the money that was promised.

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