Share of money scams
You may be offered a vast share of money in exchange for you providing, for example, a bank account number to help transfer money.
This type of fraud is associated with Nigeria because of its popularity in Nigerian criminal networks. However, other African nations and, increasingly, European cities are involved.
These scams are known as "419 fraud", because section 419 of the Nigerian Criminal Code criminalises them.
How it works
It is common to receive an email, a fax or a letter with a Nigerian postage stamp. The writer may use a title—doctor, chief or general—and will contact you on, what they say is, a confidential basis.
The aim is for you to become "hooked" and unable to back out. The letters use stories about how you can share in the money.
You will be asked to help the fraudster by, for example, providing a bank account number. Before the money is due to be transferred, there will be a last minute problem. An unforeseen difficulty will mean you will need to provide fees before the money is sent to you. The fee will be for a local attorney fee, VAT, insurance or customs clearance. Later, you may be asked for a handling fee of 1 per cent or 2 per cent of the sum held.
You will not receive any money, and, if you challenge the fraudster, they are likely to say you have become implicated yourself.
To encourage you further, the scam may refer to involvement by law firms. This is to try to convince you the transaction is credible. The firms may be genuine law firms, unaware their names are being used. If you think a law firm is involved, contact us immediately by emailing or writing to our Fraud and Confidential Intelligence Bureau.
What you should do
Ignore any contact made with you. Victims of this type of fraud can lose from several thousand pounds to millions of pounds.
If you have become involved, contact your local police.
If you believe a person or firm regulated by us is involved, contact us immediately by emailing or writing to our Fraud and Confidential Intelligence Bureau.
Stories behind the scam
The stories you may be told to try to convince you to believe this type of scam are varied.
- A wealthy engineer working abroad has died suddenly and has no next of kin.
- A former member of a government has obtained a large sum of money through suspicious means, and needs help to move it out of the country and out of reach of his former colleagues.
- A foreign student, whose parents are recently deceased, needs help to obtain and administer her inheritance.
- A seriously ill person, with a short life expectancy, has a large amount of money they want used for charitable purposes.
If you receive a letter, you have not been specifically targeted. Fraudsters use telephone directories to send thousands of these letters daily.
Ignore the correspondence. Do not reply under any circumstances.