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An advance-fee scam is a form of fraud and is a common confidence trick. The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum.
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The United States Office of the Comptroller of the Currency gives an advice on the fraud related to currency: [3] Advance fee fraud. Debt elimination fraud; Nigerian fraud; Cashier's check fraud; Ficitious banking; High yield investment fraud; Personal data fraud; may result in credit or debit card fraud Identity theft; Phishing
Bank – the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. [5] The term applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft.
The victim is persuaded to pay fees and purchase chemicals to remove the dye, with the promise of a share in the proceeds. The black money scam is a variation of what is known as advance fee fraud . Chemicals used
An alternative form of lottery fraud, commonly known as a lottery scam, takes the form of informing an individual by email, letter or phone call that they have won a lottery prize. The victim is instructed to pay a fee to enable the non-existent winnings to be processed. This type is a form of advance-fee fraud and a common email scam. [1] [2]
Scam baiting (or scambaiting) is a form of internet vigilantism primarily used towards advance-fee fraud, IRS impersonation scams, technical support scams, [1] pension scams, [2] and consumer financial fraud. [1]
"Fraud by abuse of position" is defined by Section 4 of the Act as a case where a person occupies a position where they are expected to safeguard the financial interests of another person, and abuses that position; this includes cases where the abuse consisted of an omission rather than an overt act. In all three classes of fraud, it requires ...