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September 6, 2002 |
Nigeria: Online Fraud: the Nigerian Sting |
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Intro: |
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Despite the best efforts of law forces,
Nigeria's notorious '419' gangs still rake in millions
Of all of the recent trendlines suggesting the internet may at last be
realizing value as an online trading medium, one indicator is conspicuous by
its absence: the figures for online crime. Yet websites run by professional
conmen and organized crime are booming - as are sites designed to keep tabs on
the fraudsters. |
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Excerpt: |
The government of Colombia and the Marshall
Islands found themselves in dispute with a country that exists only on a
website, one which US authorities have found impossible to close. Other
money-making scams now flourishing on the internet promise investment
opportunities producing returns of over 150%.
Many claim to be based in the Caribbean. David Marchant, publisher of the
website Offshore Business & News Review (sic), who have pursued many
frauds, says websites provide convenient covers. Chief among his targets was Imperium
Consolidated, a Grenadian-based operation, now in receivership with debts or
about [GBP]170m ([euro]272m), set up by UK-based businessmen Jared Brook and
Lincoln Fraser.
Initially, Imperium used the web to advertise schemes that promised unrealistic
returns on investment, but Brook and Fraser then switched to offering
investments to a hand-picked group of clients via highly visible websites. But
what of the victims? |
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