What type of scam is the 419 scam?
Internationally, Nigeria is infamous for a form of bank fraud dubbed 419, a type of advance fee fraud (named after Section 419 of the Nigerian Penal Code) along with the "Nigerian scam", a form of confidence trick practised by individuals and criminal syndicates. These scams involve a complicit Nigerian bank (the laws being set up loosely to allow it) and a scammer who claims to have money he needs to obtain from that bank. The victim is talked into exchanging bank account information on the premise that the money will be transferred to him, and then he'll get to keep a cut. In reality, money is taken out instead, and/or large fees (which seem small in comparison with the imaginary wealth he awaits) are deducted. In 2003, the Nigerian Economic and Financial Crimes Commission (or EFCC) was created, ostensibly to combat this and other forms of organised financial crime.