The building blocks of the frauds perpetuated by Nigerians are found right there in America and other western countries, so says Victor Asemota, Co-founder of Africa & Diaspora Mentorship & Investment Network and Google Accelerator Mentor. He says local syndicates over there sell stolen identities and login details but that Nigerians then do the grunt work of social engineering and phishing
He also says the advance fee fraud popularly referred to as 419 is not as much internal in Nigeria as it is in the US.
Expressing his thoughts on the issue of internet fraud via his instagram account on Saturday, he said:
”I think Nigerian 419 is probably not as much as internal fraud in the US. Someone tried to scam my old mother for 50 dollars online in New Jersey once. I was just lucky to have called her and she said someone from the Internet told her to pay a fraudulent local company the cash.
He continues, ”People forget “The Wolf of Wall Street” was based on a true story. Same with “Catch Me if You Can.” Everyday people hustle others there and scam them. My first experience was at JFK. This guy took $40 to drop me off at Ports Authority then added 3 more guys and charged them same.
”Uber killed off those scam taxis at JFK but more are regularly introduced. Card and Check fraud is very high there but most people are not bothered as the banks usually have fraud refund guarantees with most cards. It is an industry together with identity theft.
”The building blocks of Nigerian fraud are found right there in America and other western countries. Local syndicates there sell stolen identities and login details. The Nigerians then do the grunt work of social engineering and phishing. The ID marketplaces probably make more.
He wraps up his thoughts saying, ”Because we have the numbers, 419 is basically a “Mechanical Turk of fraud.” The people who also help to move the stolen money out of those countries also probably take more. I am sure the $12m Invictus stole is still being washed and a cent hasn’t reached him yet.
Lets have your thoughts below.