Types of Fraud Page 4 of 27

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BOTNET-RELATED FRAUD
BUSINESS DIRECTORY FRAUD
BUSINESS OPPORTUNITY FRAUD
BUSINESS TRADING FRAUD
CALL CENTRE FRAUD

 

S/N TYPES OF FRAUD DESCRIPTION RECOMMENDED RESPONSE
16 BOTNET-RELATED FRAUD This is when an individual or group of persons uses a software program to gain access to personal and financial information of an individual that can be used to commit fraud. Report to:
1. Economic and Financial Crimes Commission
2. Nigeria Communications Commission
3. Nigeria Police Force
17 BUSINESS DIRECTORY FRAUD This is a situation where a company receives a form from fraudsters or any firm offering a free listing in a business directory. The company is however asked to return the order form even if they do not intend to place an advert. Unknown to them, by sending the order form back they are placing an order and will pay for the entry. Report to:
1. Nigeria Police Force
2. Federal Ministry of Industry, Trade and Investment
18 BUSINESS OPPORTUNITY FRAUD An individual is made to believe that they can generate extra income by setting up their business and selling a particular product, whereas the product is worthless. Report to:
1. Nigeria Police Force
2. Economic and Financial Crimes Commission
19 BUSINESS TRADING FRAUD This is where a genuine business is setup solely to defraud stakeholders. It can also occur with organizations that have years of experience and use their reputation to defraud people.
Business trading frauds can include long and short firm fraud as well as bankruptcy and insolvency-related frauds.
Long and short firm fraud is when a seemingly genuine business is set up but has the intention of defrauding its customers and suppliers. Long firm fraud is when the business has developed a good reputation and credit history, while short firm fraud happens when the bogus business has been in operation for a few months. Short firm fraud is often internet related.
Fraud relating to bankruptcy and insolvency can involve companies fraudulently trading immediately before being declared insolvent, phoenix companies or illegal trading while suspended.
Report to:
1. Federal Ministry Of Industry Trade and Investment.
2. Nigeria Police Force
20 CALL CENTRE FRAUD Fraudster obtains personal information of people by setting up fake call centers or by infiltrating genuine call centers. The information gotten are used for the criminal purpose. Report to:
1. Nigeria Communications Commission
2. Nigeria Police Force

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