Tuesday, March 15, 2016

Some Tips To Help Minimize Business Related Scams

Scammers are getting really sophisticated by the day. The scammer is always inventing and strategizing. They seem to always be ahead of us good folk. No matter! We can still take steps to secure ourselves from these blood suckers. Below are some general guiding tips to help us make informed decisions

Telltale Sign of a Possible Scam: Use your Common Sense and Instincts!

1: Deal is always too good to be true: Noticeable sign of a scam is that the scammer presents it as being cheap, easy to get etc. there is always a catch. Stay away IF THE DEAL IS TOO GOOD TO BE TRUE. could be a car, a recharge car, a data bundle, machinery, etc.

2: Hurry up and Pay now: The scammer would always want to prey on your anxiety, your fear. Because the scammer knows that the deal is cheap, they try to make sure you pay up. The trick is to make you believe you would lose something.


3: Demands upfront payment: The scammer would most always ask that you pay all or pay upfront. Usually half the price.

4: No specific business location: Some scammers do not have specific business address or location. even if they do, it would be fake. You could ask here on NL if someone is familiar with that address or that business.

5: No Corporate Bank Account: Usually a personal bank account. The scammer might tell you he is a freelancer as the reason for not having a corporate Bank account. Don't fall for this bull! I have been there before.

6: Name of Scammer sometimes does not match Account Name: Be very vigilant if the scammer gives you a different account from his/her name. Real red flag

7: Pay half now, pay half on delivery: This is a good trick aimed at making sure that you part with at least some money. For the scammer, it does not matter, as long as he gets something. Never pay up without seeing your goods.

8: Calls to ask if you have paid the money: The scammer could call you at odd hours, could call you every minute or every hour. Job related scammers have been known to do this all the time. Anyone that calls you up to make a payment is likely not legit.

9: Pay for training: Job related scammers would tell you to pay for training. Some would even ask you pay, even 1k.

10. Pay a sum of money to secure a bigger, better job: For e.g. they would tell you the job pays 200k, but you need to pay 45k to secure it.

11: No visible business location: Every legitimate business should have a location; it does not matter if you run it from your house, your basement or the garage.

Rules to help Minimize Risks: Never Ever be Greedy, Greed leads to scams!

Rule 1: Be very patient: Never be too much in hurry to close a deal. The scammer is counting on this. His trick is to make sure he creates anxiety on your mind.

Rule 2: Due Diligence: Please research the person with whom you intent deal. Goggle his name, phone number

Rule 3: Search on Nairaland. The search box on nairaland is there for a reason. Search user names, phone numbers, etc. If the scammer operates on NL, you would know.

Rule 4: Open a thread on nairaland about the person: This would solicit feedback from good nairalanders. Someone on NL may have good information about that person.

Rule 5: Ask for Facebook / Business Page: I know some scammers have Facebook pages, asking for one would help you make informed decision.

Rule 6: Demand a Corporate Account: Always demand a corporate Bank account. It is more Trust worthy than individual account

Rule 7: Always demand for CAC registration number: I know some scammers have taken the pain to register scamming enterprises. Still, asking for CAC registration number would help you quickly make up your mind. You can always place a call to CAC to confirm.

Rule 8: Never Pay Upfront: Unless you established a business relationship.

Rule 9: Pay on delivery: Even better, ask to foot the transportation bill.

Rule 10: Offer to Pick up the Goods Personally: If Rule 8 does not work. This always works, in my experience.

Rule 11: Run a Bank Check: Call up the bank, ask them to confirm the account number. They may be reluctant to reveal other information due banking policy. Sometimes you may be lucky to get some good information.

Rule 12: Stay Away from Pyramid Schemes: NO NO NO!


This is not exhaustive. Please Add yours and transact safely!

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