Jul

18

 Talking about morals, there seems to be no shorting of those without. Note the Secondary Scam. Wow, is this another reason why some in the market keep on getting clipped and have a lack of versatility. "Consistently more are likely to show renewed interest in contact from fraudsters". The magnetic attraction …of what? Excitement, revenge, thrill seeking–it smells of lack of due diligence at a minimum.

From "Nigeria With Love":

"Meanwhile, ''The Psychology of Scams'', a study commissioned by the UK Office of Fair Trading, shows people who have already been a victim of a scam are consistently more likely to show renewed interest in contact from fraudsters. One trick of conmen is the ''secondary scam'' in which they contact a victim some time after they realise they have been scammed and pretend to be lawyers, government officials or police from the scammer's country. This happened to Munro. ''Sean King'', whom she chatted with on another site, told her he had also been the victim of a scammer. He said the Economic and Financial Crimes Commission, a Nigerian law enforcement agency that investigates 419 scams, had helped him and a friend to recover their money. Her local police had already suggested she get in touch with the EFCC, but ''I emailed them and never got a reply,'' she says. Sean told her he would get the employee who had helped him to contact her. ''So he [the EFCC employee] emailed me and then it was all on again,'' Munro says. The emails had the same EFCC logo as she had seen on the site to which the Australian police had directed her. ''They said because such a large amount of money was due to me, I had to get anti-money-laundering and insurance certificates from the bank. All the documents that came to me looked totally believable,'' she says. ''They named the guy who scammed me and said they had his IP address. It was very clever. I was sucked in.'' Thousands of dollars later for a variety of ''fees'' and ''certificates'', Munro realised she was being scammed again.

An interesting article on The Psychology of Scams


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  1. steve leslie on July 18, 2012 2:20 pm

    a few thoughts: There are those who just refuse to look objectively at people and think that such human species exists. Example the Menendez Brother who brutally murdered their parents in California and fled to the Orient. After negotiating their return through famed attorney Howard Weitzman, they were tried for murder.

    The defense attorney was Leslie Abramson. She put on a masterful defense, and secured a mistrial. There were those in the jury and in the courtromm who weeped when Ms. Abramson claimed that the brothers were sexually molested and abused by their controlling father. It was a circus. Nevertheless the strategy worked and the defense got the mistrial. A retrial was held and they were convicted of murder 1.

    Possibly the most successful confidence man in history is Frank Abignale. He received notoriety for numerous scams including impersonating an airline pilot, a physician, and actually sitting for the bar exam and passing it in Louisiana. He was the greatest counterfeit check scam perpertrator in history. He was made famous in the movie, Catch me if you can with Leonardo and Tom Hanks. He was able to elude the FBI and Interpol for years traveling across the US and the world for 5 years. He began his life as a criminal when he was 16. He escaped from custody twice. He is a remarkable study of innovation, creativity and deception.

    Bernie Madoff conducted the largest Ponzi scheme in the history of civilized society. Concerns about Madoff surfaced in 1999 and continued until 2008 when his money management firm was finally shut down. Losses are estimated to the investors in the area of $65 Billion dollars.

    In summary: In the above three examples they share some interesting characteristics. A willing public to accept the perpertrators at face value. Each case there were remarkable charismatic individuals involved, and a segment of the population who refused to believe that such sociopathic individuals actually exist and thrive. There are so many lessons here that comprise numerous meals for a lifetime.

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