A Canadian news has reported a mutation of the 419 scam. Scammers are now targeting people who are cash-strapped and needs to borrow money urgently.

The scammers will act as loan providers and ask the victims to deposit 10-20% of the money that they wanted to borrow. The victims may be told to wire money to the scammers’ (or money mule) bank account to cover loan fees, finance charges, etc. Obviously, the victim will find themselves in worse finance situation after wiring the money over. Not only will they lose their deposit, they will never see the “Loan” as promised by the scammers.

“The BBB has received 14 complaints in the past month, and losses to
victims total $20,000. Canadian authorities say they’ve also received
several complaints about the firm.”