A Cautionary Tale

Aside

I have just had the upsetting news that a friend who lives in the States has lost her retirement savings through a scam. Normally I wouldn’t insult your intelligence by warning you of such a thing; but everyone has their vulnerable periods and I have always thought my friend an astute business woman.

I think many of us in the UK have experienced the scam from Africa offering large amounts of money with certain stipulations and hopefully everybody kept well clear of them. It does help sometimes to have a healthy streak of cynicism. The mantra ‘Nothing is for free.’ And ‘There is no such thing as a free lunch.’ are wise words.

My friend believed she had won a large amount of money from an International Lottery based in the UK. There were no adverse reports on the internet. She was told the winnings were in the Netherlands and was given a contact name. It all sounded very professional. Over the next 9 months she paid various taxes and insurances, including certificates to say the money was not connected with drugs, terrorism or money laundering.

Eventually the money was transferred to an interbank in the UK and the final payment was required to cover ‘fluctuations in the exchange rate’ She asked her bank to check it out and make sure it was legal, and the answer was that she should deal directly with the interbank. Throughout she had been checking the internet for scam lists and now identified it as a Nigerian scam.

She has reported it to the Fraud Squad in UK but has heard nothing from them. She is not happy about the banks who, she says, seem to turn a blind eye to scammers. She has lost weight from the stress but is philosophical:

‘It could be worse- I count my blessings. I don’t have cancer, or a son in Iraq.’

Just be careful- it’s a jungle out there!