Nigerian scammers are now more effective

Jessica

Administrator
Staff member
Just read the whole thing although it's depressing. :(

https://www.wired.com/story/nigerian-email-scammers-more-effective-than-ever/

Author: Lily Hay Newman

Nigerian Email Scammers Are More Effective Than Ever

You would think that after decades of analyzing and fighting email spam, there'd be a fix by now for the internet's oldest hustle—the Nigerian Prince scam. There's generally more awareness that a West African noble demanding $1,000 in order to send you millions is a scam, but the underlying logic of these “pay a little, get a lot” schemes, also known as 419 fraud, still ensnares a ton of people. In fact, groups of fraudsters in Nigeria continue to make millions off of these classic cons. And they haven't just refined the techniques and expanded their targets—they've gained minor celebrity status for doing it.

On Thursday, the security firm Crowdstrike published detailed findings on Nigerian confraternities, cultish gangs that engage in various criminal activities and have steadily evolved email fraud into a reliable cash cow. The groups, like the notorious Black Axe syndicate, have mastered the creation of compelling and credible-looking fraud emails. Crowdstrike notes that the groups aren’t very regimented or technically sophisticated, but flexibility and camaraderie still allow them to develop powerful scams.

“These guys are more like a crew from the mafia back in the day,” says Adam Meyers, Crowdstrike's vice president of intelligence. “Once you’re in an organization and are initiated, then you have a new name that’s assigned to you. They’ve got their own music, their own language even. And there are pictures on social media where they’re flaunting what they’re doing. The whole idea is why invest hundreds of thousands of dollars to build your own malware when you can just convince someone to do something stupid?......
 

GhanaGeria

Na Frustrate Go Kill All Diss Phools?
Before I read the Wired article, I was expecting to hear more of the usual story of unsuspecting people falling for greed orientated and romance scams, but the article seems more focused now on the B2B types of scam attacks and with less focus on the types of small boy scammers targeting individuals.

There have been a number of other articles I have read like this in recent years that are talking more about the scam techniques used to hack into company networks, spoofing employee email accounts and identities, all with the intention of eventually facilitating company payments on invoices out to mule accounts. Often they are repeating payments for monthly service bills too that can go on for a long time and unnoticed until a supplier complains after 6-8 months that they haven't been paid.

But the blame for falling for these kinds of scams usually falls on the head of the accounts payable department within a company for not being more meticulous and diligent or looking harder into requests for changes in account payment details of a supplier where regular payments are being sent.

And it isn't just small businesses that are attacked. The vulnerability of employees of a company getting scammed isn't determined by the size of the company, but the lack of diligence of its employees. I believe though that the bigger companies tend to keep their being a victim of a large financial scam quiet for various business and PR reasons. So mainly what is reported is the smaller businesses getting scammed.

A couple more articles on the subject of B2B scams that might be of interest. As I said though, I belive it reaches well beyond just small businesses.

https://www.cio.com/article/2951934/nigerian-scammers-buy-exploit-kits-to-defraud-asian-businesses.html

https://www.newsday.com/business/small-business-scams-1.20479000
 
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