Inheritance or financial promise scams are a form of fraud where scammers convince victims they are entitled to a large sum of money, often from an inheritance, lottery, or other financial windfall, and then trick them into paying fees or providing personal information. Here’s how these scams typically work:

Initial Contact

The scam usually begins with an unsolicited contact, often through email, phone calls, letters, or even social media. The scammer might claim to be a lawyer, government official, or banker, offering information about a large inheritance, prize, or financial windfall.

The Story

The scammer creates a compelling story, such as:

·         Inheritance: You are supposedly a distant relative of a wealthy deceased person who left a significant inheritance and are the next in line.

·         Prize or Lottery: You’ve won a large sum of money or prize, even though you never entered any competition.

·         Business Investment: A foreign businessman or banker has chosen you to help transfer large sums of money from their country in return for a reward.

Request for Personal Information or Fees

Before receiving the promised inheritance or money, victims are typically asked to:

·         Pay advance fees: These could be for taxes, legal fees, processing fees, or other administrative costs. Scammers often claim these fees are required by law or necessary to release the funds.

·         Provide personal information: They might ask for bank account details, social security numbers, or copies of identity documents under the guise of processing the transaction.

Continued Requests for Money

Once the victim pays an initial fee, the scammer may request more money, citing unexpected complications, delays, or further processing requirements. The scammer will keep asking for funds until the victim either realizes the scam or runs out of money.

No Money Ever Materializes

Despite the promises, there is no inheritance or windfall. The scammers pocket the money and disappear, often leaving victims with significant financial losses. In some cases, they also steal personal information to commit identity theft or further fraud.

Common Red Flags:

There are several red flags that you need to watch out for as you look at this opportunity for new wealth

·         Unsolicited Contact: You receive unexpected news about money from a stranger.

·         Pressure to Act Quickly: Scammers often create a sense of urgency, claiming the money will be lost if you don’t act fast.

·         Requests for Upfront Fees: Legitimate inheritances or prizes do not require fees to be paid in advance.

·         Grammar and Spelling Errors: Many scam messages are poorly written or have inconsistencies.

·         Too Good to Be True: If the story sounds too good to be true, it probably is.

Preventing Inheritance or Financial Promise Scams:

·         Be Skeptical: Always question unexpected financial offers.

·         Don’t Send Money or Personal Information: Never send money or provide personal or financial information to strangers.

·         Verify the Story: If you receive such a message, independently verify it by contacting a trusted legal or financial advisor.

·         Report the Scam: If you suspect a scam, report it to your local consumer protection agency or fraud prevention organization.

Being aware of these tactics can help you and your loved ones avoid falling victim to such schemes.