Scambusters

Submitted by Anonymous on Mon, 21/12/2009 - 09:34

The Latest Scams    

Expats are easy prey for fraudsters, so make sure you don't get caught in their trap!

Below are some of the latest and more common financial scams doing the rounds. You can tell us one of your stories relating to a scam listed below by hitting the Reply button under the appropriate scam, or let us now about a new scam by hitting the Add New Comment button directly below. On the right you will find information and tips on how to avoid becoming a victim of fraud, as well as useful regulatory contacts in a variety of countries and regions. 

Get telling your stories and warn others. Let's stamp out fraud by spreading the word!

International Lottery Fraud

Submitted by Deborah Benn on Sat, 06/03/2010 - 20:37.

Scam operators use telephone and direct mail to notify victims that they have won a lottery. The victim is instructed to pay taxes, attorney’s fees and exchange rate differences in order to receive the lottery win. 

Fake Regulators

Submitted by Deborah Benn on Fri, 05/03/2010 - 14:26.

Conmen use the identity of a legitimate securities firm to approach investors, offering to buy back their worthless securities in a company. To provide "evidence" of their legitimacy, they send an email to the investors attaching a letter purportedly from the Financial Regulator as well as a copy of a genuine BrokerCheck report on the legitimate securities firm. The conmen simply alter the report by replacing the brokerage's phone number with that of the fraudulent intermediary. The letter is then signed by a fake regulator from a non-existent regulatory department.

Advance Fee Fraud

Submitted by Deborah Benn on Mon, 21/12/2009 - 09:32.

Advance-fee scams have one point in common – the targeted person is led to believe that he or she has a chance to get some sort of large financial reward or a romantic relationship, in return for an up-front monetary outlay. Types of advance fee frauds include:

- Long lost relative. You are led to believe that a long lost relative has died leaving you a massive inheritance. Once you have paid the administration fee of several hundred pounds, you will receive your inheritance. 

- Damsel in distress. You meet through  an online dating service. After a successful online courtship, she agrees to meet you shortly after her next business trip. However, while on the business trip some tragedy happens which means she needs your financial help.