From Nigerian Princes to Bitcoin Trading: Online Scams Have Come a Long Way

From Nigerian Princes to Bitcoin Trading: Online Scams Have Come a Long Way

It would be a challenge to find someone who has not heard of the now-infamous “Nigerian Prince scams,” also known as “419 scams” and “advance-fee scams.” The concept itself dates back to the French Revolution, but it has come a long way due to human gullibility. More recently, it has taken to the internet to deceive scores of email recipients hoping for a big payday.


Online scams in this category involve the victim receiving emails that promise a large sum of money in exchange for taking supposed business actions that the sender requires. According to the scammers, the money is usually stuck in some offshore account and you are promised a considerable part of it if you are willing to help the individual pay a “small fee” to release it from the bank.


Lately, while shuffling through some emails, I personally stumbled upon what I thought was the same type of scam. However, after playing along to an extent, I came to learn that online scams originating from Nigeria have evolved. While some stick with the old rich prince ploy, others have devised more elaborate schemes to secure money. If you’re thinking cryptocurrency might be involved, then you’re right on the money.


A Romance Scam Grooms Potential Victims


It all started on a dating app. I matched with a profile that appeared to be legitimate. Unlike other fake profiles that are obvious to spot, this person’s pictures looked like an honest user’s might. The profile description was detailed and pertinent to the geographical location where the person claimed to live. To add an extra layer of authen ..

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