Reasons Why Internet Fraudsters Always Target America Exposed

3 min

International fraudsters appear to be dangerously in love with America, and perhaps no nation has been so brutally looted despite an edge in cybertechnology.

Just in the year of the pandemic, America lost up to $400 billion of its unemployment fund to local and foreign thieves, according to several media accounts. The theft excludes funds ripped off the hands of private individuals through romance fraud; through alibaba and bank hacks; ransomwares; and more.

While there are local criminals setting upon the state and fellow citizens in these kleptocratic breaches, far more of the perpetrators are foreigners, at least judging from media reports. Anyone living in the country can attest to receiving scam calls on an average of once a week. Most of the calls have been linked to Asia, also a tireless base of internet fraud targeting America.

In recent months, many fraudsters in the country have also been jailed for cyber fraud, so much that netizens on a recent social media thread wondered why the great nation is so attractive to scammers.


1. Trust and financial porosity

The American financial system is largely built on trust: people easily share their social security numbers, debit and credit card details with institutions and businesses trusting that the confidence will be protected. For instance, you can pay a bill by entering your card details in a form provided, including the CVV number. The biller doesn’t require your password and is expected to debit the precise amount needed. In fact, many card transactions requite no passwords; you just swipe the card and that’s it. In other words, someone who steals your card can swipe your money away until you report or block the card. This isn’t limited to credit cards.

2. The dark web

Banking and other sensitive information shared with businesses and other institutions can be sold to fraudsters on the dark web—by individuals working with trusted institutions who have access to such data. This is what is meant by buying logs in yahoo-yahoo parlance. Thieves buy such data based on the prospective victim’s account balance and steal away.

3. Insurance payouts

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If you have your banking data compromised and your money stolen, your bank will refund you so long you can establish not authorizing the criminal transaction. Banks in turn have insurance covers against such losses. While this is a good system, there’s a sense in which it can blunt the need to pursue fraudsters since accountability has already taken place.

4. Weak financial instruments

Imagine that you can sit in your house, log into Shoprite website and order your next Zenith Bank cheque! Right there on the site, you state how many leaves you want, your name and account number—and your cheque will be on the way. The cheques lack the security features like the ones in this country —they are essentially just plain paper with basic information. What is more, you can deposit/cash a cheque simply by snapping it and uploading on your banking app. You can obtain ATM cards pretty much the same way. It all boils down to the American value of trust, which clearly isn’t shared by everyone else more so in this digital age.

5. Loneliness

Away from hacking, BEC schemes, and card frauds, romance scams are common in America despite calls for caution regarding distant/online dating. Many, especially elderly people, are single and alone. Life can get so boring and lonely that the internet becomes the most real thing. Victims of love scam are always ready to give someone they just met the benefit of the doubt and are sometimes blinded by the thrill of finding someone who cares for them. It is not for nothing that fraudsters mostly target older Americans who also are not so tech-savvy as to do proper due diligence. It all boils down to how American life is so individualistic that the need to court strangers becomes heightened if desperate. For instance, there are older/retired Americans who drive Uber just so they could have someone to talk to.

6. Wealth

America is a wealthy nation. Compared to many other countries, fewer citizens live below the poverty line. State and federal governments oversee gargantuan budgets and, amid the pandemic, created funds worth over a trillion dollars. Such heavy stash will always draw the attention scammers.

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