E-Mail Fraud Rises, But Does It Matter?

January 16, 2009 RSS Feed Print
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Symantec's MessageLabs has detected a spike in E-mail fraud and financial scams over the last couple weeks. The company says that messages with subjects such as, "Congratulations New Year Winner!" or "You have won the UK National Lottery" make up about 10 percent of the E-mail sent so far this year. (That's over 43,000 E-mails of the more than 427,000 the company has scanned.) That's three times more E-mail scams than last year.

Here's my question: Is anyone still vulnerable to these types of fraudsters? To me, they resemble junk mail more than any sort of sneaky scam. I receive dozens of such messages a week and delete them within a nanosecond of viewing.

But MessageLabs says there is reason to be concerned, partly because Nigerian scams, which generally ask for help in transferring or claiming money, have become savvier, with E-mail messages that are easier to read and shorter. Paul Wood, senior analyst at MessageLabs, says the recession could also contribute to rising online fraud. "As the economic climate continues to be frosty and the inability to secure credit through official channels remains spammers are tempted by the possibility that consumers facing uncertain futures may be more tempted by some of these hard-to-resist offers," he says.

So yes, apparently people are still falling victim to such scams. I suspect that they tend to be the elderly, computer illiterate, or people who are otherwise less familiar with the online world than most. Please, if you know people who fall into this category, tell them to delete these kinds of E-mails immediately.

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personal finance

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Sure, most of us are now well-informed enough to spot a scam when it arrives in our inbox, but the phishers/spammers are depending on the "sucker born every minute" truism. If they send out 50,000 e-mails in a day and manage to get only one or two people to fall for the scam, that's one or two bank accounts that could theoretically be cleaned out, making it a worthwhile venture even with a success rate of .00004%. The ROI ensures that the phishers will continue trying to dupe us until everyone (not just ALMOST everyone) is wise to their tricks.

Elliott of GA 9:58AM January 20, 2009

Yes, there is a 99 percent chance that was a scam.

Kimberly Palmer of 8:56PM January 18, 2009

Their was this guy trying too talk too me and said he needed help and wanted me too transfer him money I didnt send any he said he was in nigeria for business saying he cant leave the hotel without paying the bill. I have a friend who I told and said someone tried that with them too exact same thing as me so I put the 2 together and realized it was just a scam. Am I wrong about this? Was this really a scam?

Stacy of GA 10:09PM January 17, 2009

Alpha Consumer

Kimberly Palmer, senior editor for U.S. News & World Report, writes about making smarter financial decisions. She’s the author of Generation Earn: The Young Professional's Guide to Spending, Investing, and Giving Back.

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