Most of the frauds people are aware of in e-currencies is that whereby the scammer, pays for an item from a reversible e-currency such as paypal, stormpay e.t.c with a legitimate account, obtains the item and initiates a chargeback on receipt of the goods, thereby stealing the item and recouping his cash.

However e-gold at the moment is irreversible (and I congratulate the CEO of e-gold for trying to clean up the system). Currently one of the highest areas of fraud is in currency exchanges.
One of the ways fraudsters attempt to defraud ignorant individuals is by insisting on a currency exchange with the same bank.

Let me give an example, you might receive a typical message that goes something like this:

“”I need e-gold, and I am willing to pay from my Wells Fargo account…”"

The scammer will also insist that his/her potential victim also has a Wells Fargo account/or same bank/

The reason why is since e-gold is irreversible, i.e you cannot initiate a chargeback, all the scammer has to do is retrieve the funds, because of the reversibility associated with e-currencies such as paypal, stormpay e.t.c it is not so lucrative to scammers, as any unauthorized withdrawals from these accounts would be flagged and reversed.

Due to this there is a very large underground movement, where scammers trade in , stormpay and paypal accounts e.t.c, many from phishing emails, or which they obtain for a trifle due to the difficulty in cashing out these accounts; then look for unsuspecting individuals who are willing to exchange e-gold for a bank wire with the same bank, it should be clear now that anybody requesting an e-gold currency exchange with a bank wire to the same bank, has stolen bank details and is trying to defraud you of your money, as the fraud will be traced to the victim who received the bank wire, while the scammer cashes out with e-gold.

Mr Dan Stevens is one of the admins on this site

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It’s a great tool to be in touch and to widen your business. However be wary of the fine line between spamming and being persistent when sending mails.

Spamming is frowned upon in most countries. If it is found by your e-mail account provider that you are guilty of this sacrilege, your account could be suspended and your outgoing e-mails could be blocked out by the the recipient’s mail server, making your efforts futile.

Tip
No matter how rude someone may be to you, or how offended may be by another’s opinion, don’t lower yourself to their level by stooping to obsceneties, threats or claims of self-importance. Always state your opinion clearly and concisely, without personalising an issue or resorting to name-calling.

A good definition of spamming would be-the use of any electronic communication medium to send unsolicited messages in bulk. But the term ‘spam’ means any commercially-oriented, unsolicited bulk mailing that is excessive in nature, and more importantly, undesired.

To the popular perception, the most common form of spam is the one delivered in e-mail as a form of commercial advertising. Nevertheless, things comparable to spamming for non-commercial purposes in media other than e-mail have also been recorded.

The spammers have developed have developed a variety of spamming techniques over the years. This can happen in each of the medias: e-mail spam, IM spam, Usenet newsgroup scam, Web search engine spam, weblogs spam, and mobile phone messaging spam.

It is imperative that you desist from all the above forms, and understand what could be termed as spamming before you decide to send out a mass mailer announcing to the world about your business-or even your landing on the WWW.

There is no entry barrier as far as spamming is concerned, but the volume of unsolicited e-mail produce other costs which are actually borne by the public in terms of lost productivity and fraud. And it is a burden for Internet service providers, which must add extra capacity to cope with the deluge.

Spamming is generally dealt with strictly by the internet authorities, and has been the subject of legislation in a number of jurisdictions, including the United States’ CAN-SPAM Act of 2003.

Fact
The term Spamming derives its name from the Monty Python Spam sketch about SPAM brand processed meat, is economically viable because advertisers have effectively no operating costs beyond the management of their mailing list.

Somnath Mitra

Somnath Mitra is a blogger writing about the various aspects of netprenureship on his two blogs mentioned in the write-up. Visit here.

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Tags: internet, reseach, ethics, online, business