Inside the World of Inheritance Scams: Understanding the Techniques Used

Have you ever gotten emails from senders you don't know requesting you to claim an unexpected "inheritance"? This is referred to as an inheritance scam, although it is also frequently referred to as "heir scams" or "inheritance fraud." This is a financial scam when the con artist poses as a government agent, lawyer, or relative and claims the victim has a large inheritance. These con artists usually get in touch with their victims via phone, email, or letter. It's a made-up story about a rich individual who passed away and left a sizable inheritance, or a long-lost family member or distant relative.

Tactics Employed by Inheritance Scammers

Often, unsolicited emails or letters saying you are the legitimate heir to an important amount of money from a distant cousin are the first step in inheritance scams. By claiming that the deceased had no living relatives, scammers create a sense of urgency by playing on people's emotions.

Additionally, those con artists can provide an “almost authentic” legal documents, such as wills, death certificates or letters of administration to convince victims about the legitimacy of the inheritance. Although great care has been taken to make these documents appear authentic, a closer examination may show inconsistencies.

Furthermore, in order to make the transfer of the "existing" inheritance easier, imposters may ask their victims for financial and personal details. This should raise red flags right away because legitimate institutions would never request sensitive information over the phone or over email.

Red Flags to Watch Out

• Generic Greetings: Rather than addressing you by name, scam emails frequently begin with a generic welcome such as "Dear Beneficiary." Authentic establishments generally maintain a record of your details and give you individual attention.
• Alert Mode and Pressure: Scammers create a sense of urgency in their victims so they feel compelled to take immediate action or risk losing the inheritance. Legitimate procedures take time, and respectable establishments give people the space and time they need to decide.
• Unrealistic Offers: An inheritance offer is most likely fraudulent if it looks too good to be true. Nothing is being given away without charge. Con artists use people's desire for rapid money as an attraction to draw people into their traps.

Consequences of Inheritance Scams

Severe consequences may happen to the victims such as:

• Financial Loss: Con artists might deceive victims into sending money, giving them personal information, or paying them up front. This will give victims the impression that their "supposed inheritance" will arrive sooner rather than later. The money is frequently lost after the scam is discovered.
• Identity Theft: Gathering financial and personal data is a common component of inheritance scams. This may result in identity theft, in which con artists utilize the victim's details to commit other crimes, open bank accounts, seek for credit, or engage in other illegal actions.
• Legal Difficulties: In certain situations, victims may unintentionally get engaged in criminal activity. This might occur in the event that money laundering or other illegal financial transactions are a part of the fraud. There could be serious legal consequences, including investigations and lawsuits brought against the victims.
• Lack of Trust in Online Platforms: Online platforms are frequently used by inheritance scammers as a communication tool. Being a victim of this kind of scam might make people less confident about conducting business online and lose faith in internet platforms.
• Effect on Credit and Finances: Victims may suffer long-term repercussions on their credit history and stability in addition to severe monetary losses. Their future credit and loan availability may be impacted by the scam.
• Possibility of Becoming the Victim Once More: After successfully tricking someone, con artists can try to target them again because they know they have fallen for similar schemes in the past.

Ways to Avoid Inheritance Scams

• Check the Information: Obtain independent confirmation of the information contained in the email or letter. Speak with well-known relatives to verify the validity of the inheritance claim.
• Speak with Legal Experts: Before disclosing any personal information or communicating with the claimed inheritors, get legal counsel. They can direct you via the appropriate legal processes and assist in spotting warning signs.
• Take Care of Any Unsolicited Emails: Be cautious when responding to unwanted emails or letters. Cold interactions do not start legitimate inheritance processes.
• Increase Your Understanding: Keep updated on the latest scams and their traits. One of the most important steps in keeping oneself safe from scams is being aware of any possible risks.

Additional Resources

• Book: "Inheritance Hijackers: Who Wants to Steal Your Inheritance and How to Protect It" by Robert C. Adamski
• Article: Inheritance Scams: How You Can Spot the Warning Signs
• Website: Action Fraud - Inheritance Fraud
• Article: Two Businessmen Fell for Inheritance Scam and Lost $2M
• Book: "Scam Me If You Can: Simple Strategies to Outsmart Today's Rip-off Artists" by Frank Abagnale