Nigeria 419 Scams Research Paper

Ponzi Schemes also known as a multi-marketing organization are white-collar crime; it is essentially an individual swindling a quick investment from new investors. Always ends up with investors or victums losing “their shirt” all the profits and many cases the company and is bankrupted and the owner ends up in jail. Two very highly successful Ponzi schemes are Primerica group and Amway. Primerica Group sells insurance and financial services and Amway sells heath insurance, but it doesn’t matter what they sale, its all about recruitment. They take your hard earned money and invest it into there business for a bigger profit in the future for a retirement but many people who try to get some of there money back for emergency are sadly mistaken

The other factor that facilitates the occurrence of the love scam has been highlighted as the shortcomings of the national banking system. The Internet love scam crime is facilitated by Malaysia’s new and advanced banking system which permits culprits who are the persons responsible for a crime to effortlessly set up accounts and perform global transfers (Reuters, 2014). Other than that, assuming another person’s identity is also created easily by banks permitting individuals to open accounts online (Quinn, 2014). Identity theft occurs when somebody steals casualty’s personal information, for example, identity card number, telephone number, address, credit or debit card number or financial account data, and uses the information to open up lines

However, we can tell you that the biggest complaint we found was due to undisclosed and hidden fees.

Internal fraud consists in “a type of fraud that is committed by an individual against an organization. [Furthermore], a perpetrator of fraud engages in activities that are designed to defraud, misappropriate property, or circumvent the regulations, law, or policies of a company”[8]. Not only has the incidence of internal fraud increased in frequency because of the availability of sensitive information such as client details or confidential business documents; moreover, this type of fraud is found in various types of organizations, ranging from corporations, public service institutions and financial institutions. Our analysis will concentrate on the most common and prolific types of internal fraud, namely identity theft, insider trading, loan fraud and wire fraud. Interestingly, PriceWaterhouseCooper conducted a survey that revealed that the “demographics of a typical fraudster are as follows: males (85% of cases), 31-50 years (72% of cases), reached high-school level (50%), Bachelor’s or post graduate degree (50%) and middle or senior management (52%)”[9].

In today’s society the world is extensively connected, linked together through the vast expanse of the internet. This incredible feat allows for the ability to discover, exchange, and relay information in an instant, with millions of people around the planet and yet this can come at a price. In Will Ferguson’s novel 419, the crime that is internet scamming unfolds before the characters as a man’s life is taken and the dangers of 419 come to life. The desperate lies from Nigerian criminals and selfish exploitations represented in the novel, however, are responsible for much of the human development throughout. The crime against the innocent that exists here is providing a reason for people to unite and become stronger.

The Australian Competition and Commission v Vassallo (2009) case depicts the affects of cyber crime on individuals involved. Advances in technology have enabled new ways to commit fraud online. Criminals are using new and complex techniques to commit fraud which often result in financial loss towards individuals. The two respondents in the case, Leanne Rita Vassallo and Aaron David Smith had sold medical eBooks through the internet. The eBooks claimed to provide medical cures and treatments for various health problems such as Lyme disease, asthma, herpes and prostate cancer. However, expert evidence concluded that the cures offered no therapeutic treatments. The two respondents had profited financially from the fraudulent eBooks and had sold the eBooks to more than 60, 000 customers worldwide. The online fraud was operated through several websites which were able to be accessed internationally. Despite rapid advancements in technology, legislation has proved to be effective in regulating cyber crime.

Kickback schemes are considered fraud as well, even though in many businesses it is common practice to reward people who refer others to a business.

It is important to first gain an understanding of the various types of fraud, in order to aid understanding in regards to the prevention of fraudulent activity. This paper begins with a review of the definition of financial fraud, and identification of the different fraud types. Further, included is an examination of what motivates individuals to commit fraud, including an identification of some of the method in which people commit fraud. A discussion of the importance of the fraud triangle, and how rationalization contributes to fraud is a key area of focus. Finally, there is an examination of some controls that prevent and detect fraudulent behavior, including the value and importance of understanding the nature of fraud for

The 419 Scam is one of the most infamous of Nigerian crimes. This is a scam in which a person (victim) is persuaded to advance money to a stranger. The person is then led to expect that a much larger amount of money will be returned to him/her. However, the money is never received by the victim. Thousands of unwanted letters, faxes, and emails based on dishonest representations are sent to people worldwide with the promise of countless

Cybercrime has experienced significant progress during recent years, as its advance is directly proportional with the advance of technology. In spite of the fact that the authorities devise new and better strategies to fight cybercrime, the fact that the number of people online is constantly increasing means that cybercrimes occur even more frequently. Dishonest people who seek opportunities have discovered how the internet stands as a perfect environment for them to commit crimes by taking as little risks as possible. Computer fraud generates a series of benefits for the person committing it, as he or she can either profit financially from the enterprise or can simply alter files in order for his or her image to be positively affected. Identity theft is a major form of cybercrime and it is essential for society to acknowledge the gravity of the matter in order to be able to effectively fight against criminals using it.

card fraud. In reference to money Laundering we will the complex process of how criminals

Being the fastest growing crime of today, it is estimated that every 79 seconds an identity is stolen (Consumer Reports 13). Empty promises made by solicitors in spam e-mail offer a free gift in exchange for personal information. These solicitors have no intention of sending any free gifts, but their scams help them obtain the private information desired. If enough information is given, criminals are able to apply for credit cards, apply for a fraudulent loan under the victim’s name, and make illegal withdrawals from random bank accounts. This is only one of the many ways a person’s identity could be stolen (O’Reilly).

A Ponzi scheme is an illegal business practice in which new investor’s money is used to make payments to earlier investors. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors and to use for personal expenses, instead of engaging in any legitimate investment activity. The returns are repaid out of new investors’ principal, but not from profits. This can continue as long as new investors line up with cash, and old investors don’t try to withdraw too much of their money at once.

The internet has brought upon a new revolution of global interconnection where contacting someone on the other side of the world is just a click away, but with this international phenomenon comes an increased susceptibility with unfamiliar technology. Internet crime is compiled of all non-physical crime with the aid of a computer. Although broad in definition internet crimes are largely composed of acts such as cyber fraud, ‘phishing’ (username and password hacking), cyber stalking and hacking. Internet crime does not pose an overwhelming issue in society in terms of its

According to Daniel F. Dooley (2008), a member of the Commercial Fraud Taskforce, financial fraud with private middle-market companies is on the rise. In fact, Mr. Dooley believes that he has seen more instances of fraud in the past two years than in the previous ten. He notes seven areas in which financial fraud has increased over the past few years: