There’s no denying that technology has been a boon to business. It has improved communication, increased productivity, and made it easier for industries to reach and serve customers.
Unfortunately, with the boon comes the bane in the form of various risks and drawbacks, among them cybersecurity threats and scams.
Indeed, people appear to be losing more and more money to fraud each year, with advance fee scams among the most prominent.
But what exactly is an advance fee scam?
Essentially, victims are tricked into paying for an item or service that doesn’t exist. And what’s worse is that the scam itself can take many shapes and forms.
For instance, some scams may promise a prize, while others offer loans, jobs or seemingly lucrative money-making opportunities. However, the dead giveaway with advance fee scams is that potential investors are always asked to pay an upfront fee for the transfer of money, profits, commissions or goods.
Thankfully, it is entirely possible to stay safe. Here are some ways to spot advance fee scams and avoid them:
1. Business Addresses and Claims
Anyone can run a business and make exaggerated claims. But if you aren’t familiar with the company or person making said claims, it would be wise to do some research. Does the business have a legitimate street address? Does it have an unblemished record, with a long list of satisfied customers?
A business operating out of a post-office box without an established office and/or verifiable history ought to be a red flag. Be suspicious of companies or so-called business representatives who don’t have direct phone lines and/or are never available to deal with your calls.
2. Type and Amount of Fees
To be clear, some legitimate businesses do seek advance fees. For instance, advance payments may be requested to protect against bill nonpayment, cover out-of-pocket costs, or pay for prepaid services.
That said, be wary if you’re asked to cough up for goods or services you never expected or bought, for prizes you don’t remember winning, or if you’re told that more cash is needed when you’ve already paid for your purchases. Take note also about preferred modes of payment, as advance fee scammers often insist on payments being made via wire transfer, debit or credit card and prepaid gift card.
3. Sense of Urgency
All scammers try to create a fake sense of urgency, and advance fee fraudsters are no different in their attempts to rush victims to make decisions before they realise they’re being had.
As such, never act in haste. Instead, always take the time to consider what’s being requested of you. Also, ask a lot of questions. If the person or organisation you’re dealing with is legit, they’ll have no problem answering your queries and pointing you to relevant links, credentials and testimonials.
4. Vague Terms
Vagueness is also a common tactic employed by advance fee scammers. So, ensure you’re clear about all apparent business opportunities, jobs and agreements.
True, business terms can often seem confusing to those unfamiliar with them. Nevertheless, it’s wise to be cautious, given how fraudsters try to lure victims into parting with their hard-earned cash using complex and imprecise language. Indeed, getting deals and contracts independently reviewed and verified beforehand might pay.
Just ‘Say NO’
As previously noted, advance fee scams are a massive problem worldwide. But they have become an even bigger threat in Africa, with scammers attempting to lure victims with fake job offers.
Worse, even reputable companies such as Coca-Cola, the West African Development Bank (BOAD) and QNET have fallen victim to fraudsters who’ve used the names of these organisations to deceitfully promise non-existent jobs before exploiting individuals, holding them against their will and trafficking them.
This is why QNET, in collaboration with local authorities and partners in the Sub-Saharan Africa region, has launched the “Say NO” awareness campaign.
We believe there is an urgent need to combat the growing trend of fake job scams that exploit the good name of reputable businesses and perpetrate human trafficking and other forms of illegal cross-border activities. Hence, “Say NO” focuses on raising awareness via education, collaborating with communities, authorities and other relevant stakeholders, and ultimately, creating a safer environment for people across the region.
In terms of mechanics, the campaign utilises a strategic mix of above-the-line and below-the-line advertising techniques to engage and educate the general public. QNET has also implemented several measures to prevent using its platforms to perpetrate fraud.
Plus, we have a stringent Code of Ethics and robust Policies and Procedures that detail our zero-tolerance for illegality and ethical violations in no uncertain terms.
For more information about QNET and the “Say NO” campaign, please reach out via WhatsApp to the QNET Compliance WhatsApp Hotline for Sub-Saharan Africa at +233 25 663 0005. Inquiries can also be directed via email to [email protected]
Learn more about how to protect yourself from different types of scams by clicking on the banner below:
