15 financial scams you should know

14) Nigerian Scams

The “Nigerian prince” scam, also known as the “419” scam (named for the section of Nigeria’s criminal code dealing with fraud). Its roots go back to a notorious 19th-century swindle called the “Spanish Prisoner,” and the method of attack has progressed from letters and faxes to emails and social media.

What hasn’t changed is the premise: The scammer poses as a person of wealth and position who needs to get a huge sum of money out of their country and urgently requests your assistance, in return for a sizable share of the treasure.