What Are Business Relationship Scams?

Previous topic Next topic
User avatar
Roxy
Site-Admin
Site-Admin
Posts: 1966
Joined: 23 Jan 2020

What Are Business Relationship Scams?

Post by Roxy »

Business relationship scams are related to doing business and cover a wide variety of general scam types. It can be a scam offer to joint venture, or to invest in a business you own or a business the scammer claims to be involved with, or establishing partnerships or acting as a beneficiary for the movement of a large amount of money. Many of the scammers will pretend to be a banker, investor, investment manager, broker, or someone working for a large company. In some instances the companies and businesses mentioned in the scam emails are real companies and the scammer is spoofing that they are involved with a real company, but many of the companies and banks that are introduced are also simply fake.

In other similar instances, the scammers will claim to be overseas businessmen/investor and that they are seeking advice on how to invest a large sum of money into a business your country. The scammers may also use false names or even spoof names of real people and/or use fake identities. Sometimes real business or company websites are mentioned within the scam emails and often fraudulent web domains and fake websites are also used to make the scams appear more convincing.

Usually the modality used is that they are offering a percentage split of the funds they are proposing to move or transfer into your hands. The split they are offering they claim is in return for helping them to receive, move, transfer, or invest the proposed large sum of money. However, all of these emails are scams and are in no way connected to any real businesses opportunities and there is no real investors or money to be invested behind any of these scam offers.

The scammer will eventually ask you to send them some money first before any money will be sent to you to conclude the transaction. This is a criminal practice known as “Advance-Fee Fraud” (a.k.a. 419 Scams), which is best described as an offer of money, merchandise, services, employment, or even romance, but where the victim is asked to pay a fee in advance to obtain whatever is being promised to them by the scammer. The main scam strategy of all advance-fee fraud scams is to try to persuade the victim to continue to send more and more money to the scammer (after the victim has already sent the scammer some money at least once), and as many times as possible thereafter, until the victim eventually runs out of money and/or goes into debt as a result of losses from the scam.

During the course of the scam, the scammer may ask you to contact 2-3 different people that the scammer claims are also involved with the transaction as a psychological technique designed to make the transaction seem more legitimate. In most cases though you are dealing with only one scammer who is acting behind all of the various different personas being presented.

These scams are a form of what is known as Advance-Fee Fraud. Advance-Fee Fraud is best described as an offer of money, merchandise, services, employment, or even romance, but where the victim is asked to pay a fee in advance to obtain whatever is being promised to them by the scammer. The main scam strategy of all advance-fee fraud scams is to try to persuade the victim to send money and continue to send more and more money to the scammer as many times as possible thereafter and until the victim eventually runs out of money and/or goes into debt as a result of losses from the scam.

Please click here to read more about the psychological techniques used to deceive people with Advance-Fee Fraud scams. The following article on Wikipedia also explains more about Advance-Fee Scams in general: Wikipedia Link

Previous topic Next topic

Return to “Scam Types Info”