This scam comes in all guises but follows a basic formula. Recently there have been several versions showing up on computers and fax machines in Cyprus that investors should be aware of. The latest arrived by fax:

An individual had two outstanding transfers from the Bank of Nigeria. In both cases he needed a modest sum of money to pay a customs fee that would release the funds. If the recipient of the fax would pay the fee for him he would give them a percentage of the funds. The sender provided evidence of the transfers in the form of copies of e-mails purporting to be from the banks in question. Both banks had yahoo address!

This is a variation on the original 419 scam that emanated originally from Nigeria and is replicated world wide. It is called the Nigerian 419 scam because this is the legislation introduced in Nigeria to attempt to make sending such fax, e-mail or letters a criminal offence.

‘Phishing’ pronounced fishing
This is the modern equivalent of 419 and is an attempt to obtain information from individuals. Recently, a very convincing e-mail purporting to be from a major Cypriot Bank telling customers that due to some adverse activity on their bank account it had been blocked. The e-mail provided a link to another page which asked customers to provide their bank details and security pin to verify the account details and clear the problem. The e-mail was not from the bank and anyone who provided the information would have been providing their data to a fraudster. Banks never ask customers for their PIN or passwords. Anyone who receives such e-mails should immediately telephone their bank.

Internet shopping
eBay is a wonderful means of buying stuff and millions of people use it regularly. But the scammers and fraudsters are getting in on the act. An example of a scam is as follows: a lady wanted to buy a new telephone for her son who wanted MP3, camera, e-mail etc, etc, (don’t they all these days?) She found the exact telephone from a seller who appeared to be in the UK. She checked the seller’s rating and saw that it was 94% positive so bid for the phone and won the bid. She paid for the phone using PayPal. She received a message from the seller to say the phone had been dispatched. Three weeks later no phone arrived. She then went to check the seller’s details again and was horrified to discover that the si last customers had not received anything either. The seller had disappeared, with at least €1,000. Think about this one - multiply the sellers by 10 and you have €10,000; multiply the seller by 100 and you have €100,000 - a quick and easy scam. In this case the lady was protected by Pay al, but had she sent a cheque or direct credit from her bank she would have lost the money.

When shopping on the internet be sure that you are shopping with a respected site. Ensure that you use PayPal if available or verified by VISA or some other secure payment system.

Fraudsters and scammers have existed for all time and will always be out there to try to tempt or trick the unwary. Always report suspected fraud to the authorities and take care with your data.

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