#romancescams | Fake Emails, Romance Scams used to steal millions of dollars

FBI has recently revealed information regarding millions of dollars being stole from US companies and individuals by a group of Nigerian scammers through fake emails and romance scams sent to businesses and individuals respectively.

The victims are unsuspecting and includes the elderly according to the FBI as it unsealed this Thursday, an indictment against more than 80 suspects from October 2018; involving online fraud of a minimum sum of US$6 million.

CEO fraud or ‘business email compromise’ has been deemed as the most effective tactic used by the suspects where over an email, the scammer posed as a business executive and duped the targeted company into transferring a substantial sum of money to a framed bank account by the scammer. The victim companies were tricked into doing so because the scammers used legitimate- looking email accounts which the hacked into earlier; according to the indictment.

While one company has said to be tricked into sending an amount as much as US$ 1.75 million, other victim firms have also wired tens of thousands of dollars; falling into the fraud scheme. On dating websites and some social media platforms, the scammers used their romance scam for the same objective and many individuals fell into the trap and ended up losing money and gifts.

In the latest announcement, the US officials informed that the overall conspiracy by the scammers led to an attempted theft of a minimum of additional US$ 40 million.

Given the situation, advice from the FBI has been circulating to prevent further such events. To avoid being a victim of such business email compromise scam, staffers need to verify first with either their CEO or the related executive before making such a significant transfer of sum. Romance scams can also be avoided if people adhere to the tips that the FTC has issues in the interest of the people.

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