What if one day you go to your mailbox and find a letter you weren’t expecting at all? Even before you open the email your eyes catch the subject header: “Urgent: Your Help Needed for Royal Fortune!” But it turns out, you are in a wealthy and secretive land with… Nigerian royalty?! This is perhaps the oldest and longest running con in the history of the Internet: the Prince of Nigeria scam. This is a web of scheming that has made many victims in its course all around the world. Let’s explore why this Prince of Nigeria scam is so successful.
The Characteristics of the Prince of Nigeria Scam
The Prince of Nigeria scam, also known as the “419 scam” (named after the relevant section of the Nigerian Criminal Code), usually follows this pattern:
#1 An email arrives from someone claiming to be a Nigerian prince or a government official.
#2 The sender states they have a large sum of money they need to move out of the country.
#3 They request the recipient’s help and promise a significant share of the money in return.
#4 To assist, the victim must provide personal information and often send money for “fees” or “taxes.”
Origins and Evolution
In the late 19th century, the “Spanish Prisoner” scam evolved into the Nigerian Prince scam. It involved fraudsters acting as wealthy prisoners in Spain who needed help transferring their fortune out of the country. It was usual for the mark to be promised a share of the wealth in exchange for its assistance (and sometimes some upfront costs).
Let’s rewind:
In the 1970s, oil was discovered in Nigeria, which led to an economic boom, followed by a downfall. Potential attracts opportunity seekers.
In the 1980s, the fax machine was invented. Scammers rejoice at this new tool for their trade.
The 1990s saw the dawn of the internet. With just one click our prince found himself with the power to connect with millions instantly.
This Prince of Nigeria scam has changed its shape and style just like a chameleon dancing on a disco floor, moving from Spanish jails all the way to Nigerian royal homes, and evolving from old fax machines to to modern internet.
Nigerian Cybercrime Statistics
Our story of royalty may appear to be a chapter from history, but the cybercrime statistics of Nigerian scams emphasize the urgency to fight these scams. We’ll dive into the figures provided by the Nigerian Financial Intelligence Unit in their 2023 report titled “Money Laundering Typologies Through Fraud in Nigeria”:
In 2022, Nigeria’s National Risk Assessment rated the threat of fraud as “very high.” It’s not just a problem; it’s an emergency.
In 2022, Nigeria’s National Risk Assessment rated the threat of fraud as “very high.” It’s not just a problem; it’s an emergency.- The banking sector is feeling the heat. In just the third quarter of 2022, a staggering 19,314 cases of fraud and forgeries were recorded, resulting in a cool N9.63 billion in losses. That’s about $12.7 million vanishing faster than you can say “Your Highness.”
- The Nigeria Inter-Bank Settlement System (NIBSS) reported that in the first seven months of 2023 alone, Nigerian banks lost 9.7 billion Naira to electronic fraud. It seems the digital realm is where the modern heist happens.
- Who’s behind these digital masks? The 2022 National Inherent Risk Assessment points to a surprising culprit: Online Dating/Romance Scams accounted for a whopping 64% of arrests. Love might be blind, but it’s also apparently quite profitable for scammers.
- It’s not just about individual victims. The same report revealed that fraudsters in Nigeria are showing a disturbing level of sophistication, operating across complex sectors and skillfully adapting to and manipulating rules and regulations.
From email scams to cyber heists, it’s clear that Nigerian cybercrime has evolved far beyond our infamous prince. It’s a multi-billion Naira industry that’s constantly adapting, proving that in the digital age, the most dangerous royalty might just be the people who write code.
While this report is most likely downplayed and biased towards Nigerian victims in particular, it paints a great picture of what the Nigerian government is battling for years now.
Why the Prince of Nigeria Scam is so Successful
Even though the Prince of Nigeria Scam has received so much attention worldwide, the scammers continue to find victims. Why are people still falling for this scam? Maybe it can be attributed to a combination of psychological factors that exploit fundamental aspects of what it means to be human:
Greed The lure of ultra-riches with little to no work forces individuals into a shocked state. This stimulates the reward centers in the brain and this often takes over from more logical decision-making processes.
Urgency and Scarcity By presenting the opportunity as time-sensitive, scammers create a sense of urgency. This tactic leads to potential victims feeling they have no time and pressing them to go straight to the usual instinct.
Altruism and Ego Gratification The scam appeals to one’s desire to be helpful while also offering the ego-boosting prospect of outsmarting a system. This combination of altruism and self-interest can be particularly compelling.
Illusion of Personal Selection When victims are led to believe they’ve been specifically chosen, it creates a sense of uniqueness and privilege. This perceived special status can lower defenses and increase engagement with the scammer.
False Credibility Through Complexity The use of official-looking documents and complex narratives lends an air of legitimacy to the scam. Many people associate complexity with authenticity, especially in financial matters.
Exploitation of Empathy By presenting a story of hardship or injustice, scammers tap into the natural human inclination to help others in distress. This emotional appeal can override rational skepticism.
Plausibility in an Unpredictable World In a global economy where unexpected windfalls do occasionally occur, the scam’s narrative doesn’t seem entirely implausible. This thin veneer of possibility is often enough to hook potential victims.
Perhaps these psychological elements explain why the Nigerian Prince scam is still effective. It exploits human cognitive biases and emotional vulnerabilities, demonstrating that cybercrime scams often weaponize a deep understanding of human psychology.
The Impact of the Prince of Nigeria Scam
While we’ve explored the broader landscape of Nigerian cybercrime, the specific impact of the Nigerian Prince scam deserves a closer look:
Financial Toll: Though exact figures for this scam are elusive, it has contributed significantly to the billions lost annually to cybercrime.
Diversity in Victims: The victims of this Prince of Nigeria scam range from retirees to young professionals. This broad reach underscores the sophisticated nature of the con and its ability to exploit various psychological vulnerabilities.
Reputational Damage: Nigeria’s reputation has suffered considerably due to its association with this scam. This reputation damage has implications for legitimate Nigerian businesses and international relations.
Loss of Trust: Beyond immediate financial losses, the scam has contributed to a loss of trust in online communications. This can hinder genuine charitable efforts and international collaborations between Nigeria and other countries.
Protecting Yourself
To protect yourself from the charms of the “royalty” you need a blend of skepticism, knowledge, and a basic understanding of technology:
- Apply a healthy dose of skepticism: Approach unsolicited propositions with skepticism. If it seems too good to be true, it likely is.
- Safeguard personal information: Treat your personal data as you would a valuable family heirloom – not to be shared lightly, especially with unknown entities making grandiose promises.
- Do your due diligence: ALWAYS conduct thorough research before engaging with someone who comes to you with an unexpected financial opportunity.
- Maintain technological defenses: Regularly update your security software on your devices.
- Don’t click links: it is best to avoid clicking any links if you can.
- Seek counsel from experts: When in doubt, consult those experts in the field for a second opinion. At Rexxfield, we have great experience with these type of scams, and have assisted Nigerian officials with battling these types of crime.
- Report suspicious activities: If you encounter a scam, report it to the appropriate authorities. Your vigilance may protect other potential victims.
Conclusion
Our digital prince, it seems, has many lives. Born in the age of fax, reigning in the era of email, and now evolving in the web era of cryptocurrency. This royal scam has shown remarkable staying power, adapting faster than we can hit “delete” on that new email.
But in this tale of pixels and promises, we’re not just unmasking a con; we’re holding up a mirror to ourselves and our vulnerabilities. As technology marches on, our prince may change his costume, but the dance remains the same.
The prince may be fake, but the lessons are real.
And if you have already fallen for this scam, contact our investigators for a free consultation to see if and how we can help.
