The world's most widespread financial fraud, the Nigerian 419 scam, is finding new pastures in Asia. India is the third fastest growing market with the defrauders' earnings from Indians increasing nine-fold in one year, says a report by the Dutch firm Ultrascan Advanced Global Investigations.
Almost every cellphone and email user has been solicited by a 419 con man. The best-known ploy is a message claiming there are unclaimed fortunes in banks that can be accessed if someone puts up a little money upfront.
Pramit quoted some interesting figures in his article suggesting the worldwide bill for this type of fraud is $3.88 billion.
Pramit's (interesting) story, here.
Pramit cites intelligence from the Dutch firm Ultrascan Advanced Global Investigations. They have a lot of interesting facts about Nigerian fraud, here.
In October (2005), I did a post exploring how some rationalize this activity in Nigeria:
419 From the Other Side of the Fence
The post references a Nigerian pop singer (Osofia) and a song he did about the infamous scam:
"I go chop your dollar"
Perhaps, Osofia should update his song to include all the other currencies being chopped?