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One of the longest running online scams, the infamous 'Nigerian Prince Scam' where someone is contacting you to help them secure a great amount of money, usually from inheritance, has defrauded countless people worldwide. Below is a thorough analysis of its scheme:
The SetupThe scammer poses as a Nigerian prince (or any high rank official) promising large sums of money in exchange for help to retrieve the funds. In the email, it’s common to be addressed as 'Dear Friend'. However, sometimes, scammers put effort to make the scam more believably by doing preliminary research about the victim.
The CatchThe catch is that the prince/official needs you to pay a small fee to cover legal, banking, or transaction costs, and this is where they make their money.
The HookThe scammer keeps asking for more and more money, feigning complications, unexpected costs, and legal hurdles, to keep you paying.
Sunk Cost FallacyThe victim finds themselves financially and emotionally invested, and even when they start suspecting it's a scam, they hope by investing a little more, they finally get the promised return and end their 'miseries'.
In conclusion, the only way to avoid scams like this is not to engage with them at all. Use critical thinking and if you're in doubt, consult friends, family or online communities like this for insight.
Submitted 9 months, 2 weeks ago by antiscamguru
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Did you guys know that this scam is sometimes called 419 scam? It's named after the Nigerian penal code that it violates. Really shows you the origin, right? Remember, if you see anything like this, just report, block, and move on. Don't respond. It's never worth it.
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Great explntn, mate. This scam goes beyond the typical Nigerian prince; it could come from anyone, any country. Now it's evolving into MLM schemes, investment opportunities etc. Constant vigilance, people! Always fact check, research and consult before parting with your hard-earned cash.