Advance fee, lottery scams, investment scams

As police and members of the public become aware of the different styles and methods used in frauds, the fraudsters themselves have to invent new ways to sell an old theme. Here are some of the fraudulent scenarios you should be vigilant against.

Advance-fee frauds

Victims or potential victims receive written communication claiming to be from:

• Joseph BUSUTIL, GONET & CIE (Private Bankers, Geneva)
• Thomas EDBERG & Phits BARNERD (sic)LA ROCHE & CO BANQUIERS
• William SHULTZ , W.SHULTZ & CO 100 Fleet Street, London EC4M 2JK

Gonet & Cie and La Roche & Co Banquiers are established, regulated private banks. They have no connection with these letters and yet their names are being used to commit fraud. Fraudsters will often use or copy the letter headings of genuine companies to add weight to their deception.

The current trend as used in this instance is for a victim to receive a letter from a bank or firm of lawyers, informing them that a previously unknown member of their family has been killed in a highway accident overseas (or similar scenario).

You are the only other person left who may be related to the deceased, and are the sole inheritor of the millions of dollars left in an account. The person contacting you will have details of lawyers and genealogical research to show that, indeed, you are the one. It doesn't matter what the scenario is, the fraudsters intention is to deceive their victims out of their money.

More information regarding these types of fraud can be found at Lottery scams (External link).

A letter landed on your mat this morning with some great news for you - your numbers have come up! You’ve won a substantial sum of money in a lottery. All you have to do to claim the money is to pay an arrangement fee, usually between $3,000 to $5,000. You send the money, but no windfall follows.

High-yield investment scams

You’re told about an investment opportunity which promises very high returns on your money.

Common phrases which fraudsters will use but which real banks won’t

• Risk Free
• High Rate of Return
• "Secret” Offshore Trading
• Non-disclosure, non-circumvention
• Confidentiality agreement
• Non-solicitation agreement
• Letter of intent / proof of funds
• Good, clean, clear funds of non-criminal origin

If you have been a victim of fraud or suspect a scam, report is at  www.actionfraud.org.uk (opens in a new window).