Types of Fraud Page 22 of 27

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PHISHING
PHOENIX COMPANY FRAUD
PIN ENTRY DEVICES
PLASTIC CARD FRAUD
PONZI SCHEMES

S/N TYPES OF FRAUD DESCRIPTION RECOMMENDED RESPONSE
99 PHISHING This mechanism involves sending website links to infect computers to obtain personal details. This information is then used for fraudulent purposes. Report to:
1. Nigeria Communications Commission
2. Economic and Financial Crimes Commission
100 PHOENIX COMPANY FRAUD This is when directors of a company going bankrupt breach their fiduciary duties. They start up a new company overnight and transfer the assets of the failing company, although this is legal, but it can become illegal when the directors sell the asset at a gross undervalue. Report to:
1. Corporate Affairs Commission
2. Economic and Financial Crimes Commission
3. Central Bank of Nigeria
4. Nigeria Police Force
101 PIN ENTRY DEVICES Identity theft. This is when fraudsters alter pin entry devices to record card details of victims who will put their card into the device. Report to:
1. Financial Institution
2. Economic and Financial Crimes Commission
3. Nigeria Police Force
102 PLASTIC CARD FRAUD This is a form of identity theft. Here fraudsters obtain personal information from of an individual from their debit or credit card, or theft of the card itself to commit fraud. Report to:
1. Financial institution
2. Nigeria Police Force
3. Economic and Financial Crimes Commission
103 PONZI SCHEMES This is a scheme whereby persons are asked to contribute financial resources to an investment. There is actually no investment. The scheme generates returns for older investors from the new investors, the scheme is bound to collapse when new investors are no longer forthcoming. Report to:
1. Nigeria Police Force
2. Economic and Financial Crimes Commission
3. Securities and Exchange Commission

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