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More News with Ultrascan

Banks situated between a rock and the wall

Fraud victims are very often lured in to using their bank account for a fraudulent sceme introduced by professional fraudsters.

How are banks effected by Nigerian 419 Advance Fee Fraud?
What can banks not do to help?
What can banks do to help?
What can banks expect?

Conducting due diligence enquiries in Nigeria, the daily rate is $700 USD per day plus additional expenditure if travel in country is required. Otherwise $2,800 USD for a week's work.

Does 419 Advance Fee Fraud organized crime own real banks?
Yes they have already, we believe, bought themselves controlling interest in several banks (so they "own" the banks) and of course not only Nigerian banks.

Recent mergers with Nigerian banks.
When we write this, international banks have merged with (bought) Nigerian banks. Disaster, opportunity, or both?

Opinion from our reporter in Benin, Nigeria, August 25th 2006:
Seems like buying into a super 419 while estimating/gambling that the losses will be worth the future gains in a huge developing market. That is, when I assume that those international banks estimated beforehand what different types of trouble they bought. This should not be compared with the relatively simple exercises in South America, Eastern Europe or Asia, also not with mergers in other African countries.
This is Nigeria,
-where 12 year olds can tell you about fraud
-where the line in front of the bank are people who come to collect transfers of money made with fraud.
-where -corrupt- bank directors live like their most valued customers -the 419 king pins-, both move around in convoys with Police escorts, siren blaring, or is that soon to be history?
-Nigeria was the only country I know where known criminals are awarded banking licenses?
-forget for a moment about the financial exposure, think culture shock of the highest order ,can you handle not knowing who to trust today? I don't think so.

Do 419 advance fee scam organizations own Money Transfer agencies?
Yes, we know of western Union agents owned or controlled by 419 scammers.

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