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One important way that you can hold onto more of your money is to keep it out of the hands of those who would take it from you. As long as money has existed there have been those who would like to believe that crime does pay. The best weapon to defend against these nefarious would-be thieves and con-artists is a little bit of knowledge about their tactics.

One of the most famous scams out there goes by several names; Nigerian Letter Scam, 419 scam (named for the penal code in Nigerian law that punishes such crimes), or Advance Fee Fraud. This scam is not new, though the prevalence of email has made it more popular than ever.

Basically what happens with this method of fraud is that the potential victim is contacted by a supposedly wealthy foreigner who has recently come into a large inheritance, however due to some red tape the funds are being kept relatively frozen from use. What the foreigner needs is a little help from an American to get their money transferred into the States so that they may access it without interference from their government that is causing them so many fiscal headaches.

The generous foreigner promises that in exchange for your help they will gladly give you a large portion of the money they stand to inherit if only you could advance them a small amount in order that they might be able to secure the release of their funds from corrupt government officials. You are asked to wire a few thousand dollars into an account so that they can get the ball rolling on their (and your) financial windfall.

The only problem with this setup is that it is indeed a setup. This is the proverbial thing that is 'too good to be true'. If you do wire a few thousand dollars to a stranger hoping to get rich quick you will surely be out a few thousand dollars with no reward to be bestowed upon you at a later date. This scam has been around since at least the 1920 in different forms. Please, if a stranger contacts you and asks for money remember that it's a stranger contacting you and asking for money. Don't fall victim to this nasty bit of financial fraud.

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14y ago

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