The link is that much of the SPAM we receive by e-mail is
also an attempt to extort money out of us one way or another,
in other words, a SCAM.
SPAM is a well-known canned meat product that has been around
for decades and which was immortalised in the 1970’s
Monty Python SPAM, SPAM, SPAM sketch. But it is also the name
given to unwanted e-mails, often sent out by the million in
the hope of ensnaring a tiny percentage of recipients. Indeed,
the object of most SPAM e-mails is to make money. Sometimes
the product may actually exist although I have never tried
sending for any of those bargain priced pills that are so
often offered. No doubt there are some people who take up
the offers as they are too shy to ask for them over the counter.
I don’t know of actual cases where people have tried
to purchase them. If nothing arrived in the mail they are
probably the last people who would publicly complain. If there
was no intention to ship any goods after receiving money for
them this would certainly be a SCAM. Much of the SPAM we receive
can definitely be classed as a SCAM.
SCAMS are not a new phenomenon
SCAMS have been around since time immemorial, certainly long
before the Internet was conceived, although I don’t
think you could blame the ancient Egyptians for pyramid selling!
A few years ago a ‘boiler-room’ operation was
uncovered in Bangkok. The organisers allegedly hired unsuspecting
backpackers to sell shares over the phone to people living
in Australia. Many were tempted by the promised high, tax-free
returns and needless to say they lost all the money they foolishly
shipped abroad. The postal service has also been extensively
used to ensnare victims. Nigerian scam letters are legendary.
When I lived in the UK I often received letters elaborately
written by hand from senders asking me for help in releasing
large sums of money that belonged to a deceased former head
of state or minister and which were blocked in a bank account
until they could be freed by some trustworthy citizen. In
return for his assistance he would receive a generous portion
of the proceeds. I was quite happy to receive such letters
since they came by airmail and I could keep the stamps for
my children! The fact that the sender could afford to send
out large numbers of such letters is testimony to the high
degree of success they must have achieved.
How do the spammers make their money?
Today I no longer receive airmail with exotic stamps. Now
it all comes by e-mail and is just a nuisance. The messages
have changed little over decades although sometimes there
are variations. This month I had an e-mail from a Professor
Charles Chukwuma Soludo, Executive Governor of the Central
Bank of Nigeria asking me for my bank details so that a large
inheritance could be transferred to my account. It even warned
me that a woman was trying to claim it on my behalf. How could
anyone be taken in by such nonsense? The fact is people are
getting taken in all the time! And once they have given away
their personal details and bank account information the scam
artist will have no difficulty persuading them to send a sample
signature or two with which he will then proceed to attempt
to empty the victim’s bank account. Other popular scams
are notification of lottery winnings. Don’t expect any
sympathy from your bank manager if you fall for one of the
scams.
But who could fall for them?
For the fraudsters who hide in parts of the world where dishonesty
and corruption are endemic there is a never-ending supply
of victims. These may include newcomers to the Internet, teenagers
who are ‘browsing’ the Internet and have access
to Daddy’s bank account details (‘Daddy, I’ve
got a surprise for you!), those less aware of the pitfalls
of the Internet, the elderly, those with a limited knowledge
of English and so on. Note that the scam e-mails invariably
ask the victim to keep the letter strictly confidential. This
reduces the likelihood of the victim asking someone else for
advice.
How should you handle these e-mails?
The simple answer is you do not reply! By replying you are
confirming to the sender that your e-mail address is active
and you could be identifying yourself while you will never
know who or where the sender is. It is not likely to be a
little old lady in Ubud trying to make some pin money, nor
the Vicar of Nether Wallop raising funds for the church roof.
It is more likely to be a hardened professional criminal in
a part of the world where dishonesty and corruption rule so
the likelihood of his ever getting caught or punished is remote.
A heavy jail sentence was recently handed down to a convicted
spammer in the US but unfortunately no such laws exist in
most parts of the world where governments have more pressing
concerns that those of people who are foolish enough to part
with their money in such circumstances. Should you download
an accompanying attachment your tormentor could now be effectively
inside your computer watching your every step! Scary isn’t
it? There is only one way to deal with SPAM and the associated
scams and that is – DELETE!
Colin Bloodworth is a senior advisor with Financial Partners
International. The opinions expressed are his own. If you
have any questions relating to personal finance you may contact
him at 021 520 8099 or colin.bloodworth@financial-partners.biz
