Friday, November 24, 2006
London: Nigeria-related financial crimes such as Internet Scams and Credit Card fraud are costing UK economy about £150 million every year.
Independent Research Company Chatham House stated that UK government was unable to keep a prior check on phishing, credit card, advance fee and other cheque frauds. The approximate loss to individuals amounts to £31,000, according to estimated report. Michael Peel, chief researcher of the company, stated that both UK and Nigerian authorities is not been prioritizing what it calls a "large and depressing problem in UK".
According to the report small numbers of people were involved in this, but their success is purely reflecting on UK authorities, who has inability to deal with the problem faced. A chief percentage of Internet users have been continuously getting emails which announce that the recipient has won an international lottery; anyhow the prize can be claimed after paying an advance fee. This type of scam is known as the "Advance Fee 419".
A large number of these scam emails, about 70 - 80 percent, were traced to Nigerian servers.
Cheque fraud is picking up day by day. While examining packages were actually from Nigeria, at Heathrow airport last year. Another common email scam is where the receiver is then asked for help in getting money out of a country. The recipients are swindled into providing their account information, using which the scammers transfer money out of the account.
Finally report ends by urging British authorities to work in closer coordination with their Nigerian counterparts in order to control and stop such crimes.
Independent Research Company Chatham House stated that UK government was unable to keep a prior check on phishing, credit card, advance fee and other cheque frauds. The approximate loss to individuals amounts to £31,000, according to estimated report. Michael Peel, chief researcher of the company, stated that both UK and Nigerian authorities is not been prioritizing what it calls a "large and depressing problem in UK".
According to the report small numbers of people were involved in this, but their success is purely reflecting on UK authorities, who has inability to deal with the problem faced. A chief percentage of Internet users have been continuously getting emails which announce that the recipient has won an international lottery; anyhow the prize can be claimed after paying an advance fee. This type of scam is known as the "Advance Fee 419".
A large number of these scam emails, about 70 - 80 percent, were traced to Nigerian servers.
Cheque fraud is picking up day by day. While examining packages were actually from Nigeria, at Heathrow airport last year. Another common email scam is where the receiver is then asked for help in getting money out of a country. The recipients are swindled into providing their account information, using which the scammers transfer money out of the account.
Finally report ends by urging British authorities to work in closer coordination with their Nigerian counterparts in order to control and stop such crimes.
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