According to the 419 Coalition web site citing Nigerian newspaper Guardian, the Central Bank of Nigeria warned last week that if a bank operating in the country “was found to have been careless in allowing a criminal to defraud another person, it would be made to refund the money involved.” The Bank also stated that it has already made a commercial bank refund $400,000 to a US fraud victim.
The 419 Coalition claims that the scam, which has run since the early 80s, has defrauded victims out of $5 billion since 1996. The 419 scam involves a fax, e-mail or letter sent to the target, proposing either illegal or legal business deals.
The victim is required to pay an advance fee, transfer tax or “performance bond” to allow credit. If the fee is paid, “complications” require more payments, until the victim quits or runs out of money.
The latest victim of the Nigerian Scam was a 59-year old bookkeeper for a small US law firm, who transferred $2.1 million from the firm’s accounts to various accounts in South Africa and Taiwan from February to August 2002. She believed that she could replace the cash when she received her share of the profits.
According to the 419 Coalition, an FBI spokesperson told the International Conference on Advance Fee Fraud (419) in New York last week that the US government does not consider 419 victims as criminals.
More details about the 419 fraud and instructions for residents of the UK, US, Canada and South Africa can be found at the 419 Coalition web site