Color Burn

Corruption, Terrorist Financing, and Internet Scams

Saturday, September 26th, 2009

Many corporations and financial institutions have instated a set of policies and procedures, to be followed each and every day.  These are set to ensure that the people that they do business with are honest, and are practicing their business transactions morally and ethically.  No one, no company or individual, want to knowingly enter into a relationship with one who may be committing acts of fraud or corruption, such as money laundering and terrorist financing.

This is what big businesses are doing, but how does one go about the emails from a foreign company, stating that you have just received an inheritance, and that you should contact them immediately, giving them personal information such as your bank account number, in order to received your monetary settlement?  This is a new age, and Internet scams are rampant.

Most of these emails come from those stating that they are from an African or, more specifically Nigerian bank, claiming that they are executing the estate of some wealthy relative, of whom you never knew existed and they do not give the name.  This is their way of laundering money, and it comes at your expense.  They will ask you to give them your account number, tell you they will send you a check and tell you to deposit that check.  You then withdraw the money they request for their fees, and send it to them.

But a few days later, your bank will notify you that the check was no good.  So not only will you be out of the money in your account, you will be responsible for the money you sent to them, the fees…and they will be nowhere to be found.  Today, these scams are widespread, but the news coverage on them has served to make unsuspecting people more aware of them.  But it goes without saying that one should never, never send off their personal information when they receive emails from those whom they have never met.