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Yahooboyz now target e-Gold accounts

By Jackson Udom – 31.08.2008
THE e-Gold account is now the target of advanced fee fraudsters, popularly called the Yahooboyz. The e-Gold account is used by importers to order for goods and payments are usually done electronically from this special business account.

Sequel to the clampdown on the advanced fee fraud crimes by the security agencies and the Economic and Financial Crimes Commission (EFCC) in the country, the fraudsters (Yahooboyz) have shifted business lines to accessing the e-Gold account.

Sunday Tribune sources informed that these international fraudsters open e-Gold accounts, which are often in hard currencies.

At the opening of such accounts, the account holders are alloted special code numbers. “What the fraudsters do is to use their own code numbers to juggle other likely code numbers which might be before or after their own numbers.

More often, the Yahooboyz succeed in badging on the code number of their victims, who are largely foreigners from Asia, Europe, Africa, among others,” the source said. Explaining further, “when the fraudsters gain access to their victims’ account, they order for goods ranging from cars, when the account is hefty, to laptops, computers, clothes and other accessories, when the account is not so bouyant.”

Sunday Tribune learnt that it has been difficult for the security agencies and the victims of this latest financial scam to be traced because all the transactions are done online and the business would have been rapped up before the crimes are detected. e-gold is an electronic currency, 100% backed by physical gold in allocated storage that empowers people to use gold as money. e-gold is integrated into a secure account-based account-based payment system, operating globally 24/7, featuring instantaneous payment settlement with no charge back risk, at lower cost.

Since its inception in 1996, e-gold has settled over 85 million payments and extended its customer base to more than 165 countries.

It currently receives nearly one million visits to its website weekly and settles over $1 billion worth of payments annually.
It provides a valuable service for many individuals and companies doing business online. e-gold usage offers significant advantages over credit cards.

Besides the obvious advantages to merchants (reduced cost and instantaneous settlement with no risk of chargeback ), e-gold is not as subject to the risk of exposing personal information over the Internet (an identity theft risk), while still maintaining full identifying information as part of the record for every transaction.

e-gold is always vigilant to assist federal law enforcement in bringing criminals to justice. Regrettably, e-gold’s work with the FBI, FTC, IRS, DEA, SEC, USPS, and other government agencies has gone widely unnoticed. The e-gold staff has participated in hundreds of investigations in support of law enforcement. In addition, e-gold maintains an active investigations staff using numerous automated system protocols to work proactively to identify and stop unwanted activity.

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September 2, 2008 - Posted by | Uncategorized

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