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Unmasking the Nigerian Email Scammers

A SCARS Insight

Nigerian Email Scams

BY BOWEN XIAO, Epoch Times
October 17, 2018 Updated: October 17, 2018

The following was excerpted to assure its continued availability. Source

Stolen Profits From BUSINESS EMAIL COMPROMISE (BEC) Schemes, Including The Infamous “Nigerian” Email Scams, Have Grown Exponentially Across The Globe Over The Past Decade.

From January 2015 to February 2017, identified losses from such scams had increased 1,300 percent, totaling over $3 billion globally. By May 2018, the losses had grown to $12.5 billion, according to the FBI’s IC3 (Internet Crime Complaint Center).

Losses Increased 1,300 Percent

BEC scams, also known as “cyber-enabled financial fraud,” use deceptive emails that employ phishing and social media fraud tactics to target victims. Common conventional methods include spoofed emails and malware; tracked real estate and romance. Victims are often persuaded to make