The saying “There's a sucker born every minute.” has been kicking around since the late nineteenth century. The indomitable American “can do” attitude has made that adage an extremely lowball estimate. I watched a video clip on Crooks & Liars the other day excerpted from Cashin' In, a Fox News program hosted by Eric Bolling. It weirded me out so much I had to click on over to the Fox News website and watch the entire segment. I’ve never done that before. I don’t have the stomach lining for Fox. But this was so compelling I had to.
But first …We’ve all received the scam email about helping a wealthy Nigerian move his millions out of the country into American banks. If you agree to help the guy out you get to keep a huge percentage of the money. The cost to victims of these advance-fee frauds like the Nigerian bank scam went from $100 million in the U.S. in 1997 to an estimated $6.3 billion in 2008 and $9.3 billion in 2009 worldwide.
Mano Singham writing about the scam in Freethought Blogs said, “I am pretty certain that all the readers of this blog have received similar appeals. I am also certain that all of us have been struck by the sheer crudeness of the messages that make them seem such obvious scams that only an idiot would fall for, and asked ourselves why they don’t try to make it at least a little more sophisticated so that they have a better chance at success? It turns out that a computer scientist at Microsoft … did a cost-benefit analysis and realized that this crudeness is a feature, not a bug.”