What is Advance Fee Fraud?
__Understanding advance fee fraud __
A common scam is fraudsters persuading people to make upfront payments for fake goods, services, lending and financial gains. This is called ”advance fee fraud”.
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Here’s some more info on how this scam works. The fraudster will promise you a significant share of a large sum of money, in return for a small up-front payment. Once you have made the first payment it’s likely they’ll invent more fees you’ll need to send.
Here are some examples.
A fee to release the funds after completing a loan application
A fee to cover the costs of background checks or a training programme for a job you’ve recently been offered (that may not exist)
A fee to receive money you weren’t expecting, possibly from a long lost relative
A fee to get your prize from a competition you’ve entered
In all these cases, they’ll always ask you to make the payment via bank transfer directly to them. This is a red flag for fraud. For more advice on how to keep yourself safe from fraud, head to monzo.com/fraud.
