Online scams create "Yahoo! millionaires"

His real name is not Akin. He's 14 years old, has a brand, spanking-new pair of Adidas athletic shoes, a Rolex Submariner wristwatch, and a couple of pounds 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... 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.) ... "The deterrent factor is not there at all," says Thomas Oli, a Lagos lawyer, citing the case of a former police inspector general who was convicted of stealing more than $100 million and got only six months in jail... The scams perpetrated by Akin and his comrades are many and varied: moneygram interceptions, Western Union hijackings, check laundering, identity theft, and outright begging, with tall tales of dying relatives and large sums of money in search of safe haven. One popular online fraud often practiced by women (or boys pretending to be women) involves separating lonely men from their money...

CNN Money: Online scams create "Yahoo! millionaires"