15 financial scams you should know

9) Advance fee fraud

Advance fee fraud is one of the Telemarketing fraud. They will typically require upfront payments in exchange for goods and services. This is also a popular technique used in lottery and student scholarships scams.

Once the target bite, the fraudsters will ask them to pay various fees – for example taxes, legal fees, banking fees, etc. – so that they can release their non-existent winnings.