Should individuals and businesses look out for fraudulent investment scams that misuse the World Banks name?
• Yes, individuals and businesses should take care not to fall victim to investment scams, known as Advance Fee Fraud schemes. Some of these schemes misuse our name or falsely claim to be affiliated with the World Bank Group. Many scams, known as Advance Fee Fraud schemes, originate in Nigeria and are known as “Nigerian scams” or “4-1-9” letters after the section of the Nigerian penal code that deals with this type of fraud. Other fraud schemes have originated in Cote d’Ivoire and Sierra Leone. Police estimate that thousands of these solicitations are sent by fax or email every week and are addressed to individuals and companies around the world. Only a very small fraction actually involves the use of the Bank’s name. Recently, two new fraudulent schemes have surfaced in South Africa.
