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This scam occurs when fraudsters, claiming to be government officials or business people, offer to transfer millions of dollars in "over invoiced contract" funds to potential victims in exchange for a small fee.
Victims may receive numerous official looking stamps, seals and logos testifying to the authenticity of the proposal. Typically, the victim is asked to provide a blank company letterhead, bank account details and money to cover transaction costs and attorney's fees.
Once provided, the fraudsters can use the victim's personal details to illegally withdraw funds, extort money or even use the victim's details in other frauds.
Sometimes the potential victim is provided access to a fake website which displays the funds ready to be transferred to the victim's account. The website, accounts and displayed funds do not actually exist. |
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