The Lazy Genius

Security News & Brain Dumps from Xavier Ashe, a Bit9 Client Partner

Online scams create "Yahoo! millionaires"

Posted by Xavier Ashe on May 23, 2006

Akin is, like many things in cyberspace, an alias. In real life he's
14. He wears Adidas sneakers, a Rolex Submariner watch, and a kilo of
gold around his neck.

Akin, who lives in Lagos, is one of a new generation of
entrepreneurs that has emerged in this city of 15 million, Nigeria's
largest. His mother makes $30 a month as a cleaner, his father about
the same hustling at bus stations. But Akin has made it big working
long days at Internet cafes and is now the main provider for his family
and legions of relatives.

Call him a “Yahoo! millionaire.”

Akin buys things online – laptops, BlackBerries, cameras,
flat-screen TVs – using stolen credit cards and aliases. He has the
loot shipped via FedEx or DHL to safe houses in Europe, where it is
received by friends, then shipped on to Lagos to be sold on the black
market. (He figures Americans are too smart to sell a camera on eBay to
a buyer with an address in Nigeria.)

Interesting Story on CNN Money.

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