Money Manipulators
Scams and Shams come and go They keep on running - one of the most enduring is the Nigerian Letter/Email Scam or, to give it it's correct name the 'Advance Fee Fraud'.
It's origins go way back but the Nigerian version got going in 1980's by some university students and it's developed into big business with multi millions fleeced out of the gullible every year.
How can people be taken in by these poorly written letters and emails I hear you ask.
Far too easily it seems.
Maybe we are all suckers for a sorry story and link that up to the prospect of making easy money and it's not so surprising that it works so well.
There are many variants of the letter and I chatted to someone who knows a friend who is taken in time and again via dating chat rooms.
On this one, the scammer befriends someone (or several hundred) and asks for the air fare to be sent so they can meet up.
You know the rest, cash is posted and you would think the fraudster is never seen again in the chat room.
Not a bit of it, using the basic marketing maxim that is harder to sell to new customers than existing ones, they go after the same hapless person again and again and do you know, they often pay up time and again until the cash runs out! Check out Wikipedia to fill in all the details.
Why should I mention this now? Well for the last few weeks I have received an average of two per day when previously it was about once a week.
Must be countering the recession with increased output! The Boiler Room Scam Despite clamp downs by regulators in Canada, Spain and Belgium from where most of these scams once operated this one is also on the increase.
I get these calls every few days offering the opportunity to buy cheap shares.
Just recently two members asked should they should go along with buying discounted shares from a nice broker who cold called them, one from the US and another Hong Kong.
My advice, give them short shrift and put the phone down! The scam works like this.
The punter is sucked in with talk of bargain prices, or even discounted shares on a known company, big announcement due soon, share will take off when the news is released, etc, etc.
Money is wired to an obscure bank and then begins the long wait for some confirmation that the shares are actually in the punters name, the boiler room doesn't answer the phone and so on.
Rule number one in trading and investing is 'Don't lose money' and this must be rule three 'Don't have anything to do with cold callers', and never, ever send any money.
Just tell them you are reporting them to the FSA.
If they are genuine they will be registered and regulated by them.
BTW, if don't remember rule two just email me.
There are of course legitimate ways of making money and Trading the Big Swings is one of the best techniques I know, take a look here..
..
http://www.
clickevents.
co.
uk/freevideo
It's origins go way back but the Nigerian version got going in 1980's by some university students and it's developed into big business with multi millions fleeced out of the gullible every year.
How can people be taken in by these poorly written letters and emails I hear you ask.
Far too easily it seems.
Maybe we are all suckers for a sorry story and link that up to the prospect of making easy money and it's not so surprising that it works so well.
There are many variants of the letter and I chatted to someone who knows a friend who is taken in time and again via dating chat rooms.
On this one, the scammer befriends someone (or several hundred) and asks for the air fare to be sent so they can meet up.
You know the rest, cash is posted and you would think the fraudster is never seen again in the chat room.
Not a bit of it, using the basic marketing maxim that is harder to sell to new customers than existing ones, they go after the same hapless person again and again and do you know, they often pay up time and again until the cash runs out! Check out Wikipedia to fill in all the details.
Why should I mention this now? Well for the last few weeks I have received an average of two per day when previously it was about once a week.
Must be countering the recession with increased output! The Boiler Room Scam Despite clamp downs by regulators in Canada, Spain and Belgium from where most of these scams once operated this one is also on the increase.
I get these calls every few days offering the opportunity to buy cheap shares.
Just recently two members asked should they should go along with buying discounted shares from a nice broker who cold called them, one from the US and another Hong Kong.
My advice, give them short shrift and put the phone down! The scam works like this.
The punter is sucked in with talk of bargain prices, or even discounted shares on a known company, big announcement due soon, share will take off when the news is released, etc, etc.
Money is wired to an obscure bank and then begins the long wait for some confirmation that the shares are actually in the punters name, the boiler room doesn't answer the phone and so on.
Rule number one in trading and investing is 'Don't lose money' and this must be rule three 'Don't have anything to do with cold callers', and never, ever send any money.
Just tell them you are reporting them to the FSA.
If they are genuine they will be registered and regulated by them.
BTW, if don't remember rule two just email me.
There are of course legitimate ways of making money and Trading the Big Swings is one of the best techniques I know, take a look here..
..
http://www.
clickevents.
co.
uk/freevideo
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