- The EFCC has discovered a fresh scam in which scammers trick Nigerians by offering discounted tickets, employing malware to access personal information and steal funds.
- Individuals are deceived into paying a minor charge, enabling fraudsters to obtain their private information and channel funds via digital currency.
- The committee has carried out arrests and is advising the public not to act as financial contributors, as this presents a major risk to national security.
A journalist from zaia news.ng, Zainab Iwayemi, has five years of experience reporting on the Economy, Technology, and Financial Markets.
The Economic and Financial Crimes Commission (EFCC) has exposed a new scheme that scammers have created to steal Nigerians' hard-earned cash and personal information.
The commission cautioned Nigerians regarding the typical discount ticket offers from global airline companies.
As per the commission's declaration, which was endorsed by the media and public relations team, the strategy involves using malicious software to gain unauthorized access to the account details of unaware individuals.
The EFCC further mentioned that scammers often employ lures like "Promotion," "Investment Windows," and similar enticing terms to trick individuals into revealing their account information.
They subsequently utilize this data to transfer funds into accounts, mainly at Fintech companies, to perform illegal transactions. Scammers employ this technique to gain control of the money and clean it by buying digital currency.
A case involved a "promotion" that gave the public a 50% reduction on tickets when purchased through a major global airline. Victims were asked to transfer N500 into the airline's account as a small payment. Scammers collected their victims' personal details via this transaction, which was presented as a charitable contribution.
"The victims were tricked into downloading the airline's app to qualify for the discount. However, after installing the app and giving unauthorized access to their personal information, money was transferred from the victim's bank account to a Microfinance Bank account," the statement said.
It is crucial to mention that this fraudulent operation is primarily fueled by a group of young Nigerians who provide victims with a small amount ranging from N1500 to N2000 in return for their personal information. This data is subsequently sold to financial technology companies for approximately N5000.
These individuals refer to themselves as 'Account Suppliers' or 'KYC Group.' According to data accessible to the Commission, there are approximately 12,000 actors nationwide, who look for account donors willing to provide their NIN registration slip, BVN, passport photo, and other identification documents in exchange for a small payment. This information is subsequently utilized to establish accounts with Fintech companies for purposes of investment fraud and other deceptive activities.
The Commission mentioned that it has carried out a few arrests, and the recovery of funds lost to fraudulent promotional agents and account suppliers is still in progress. It advised the public to remain cautious about these individuals, and emphasized that no Nigerian should agree to be an account donor for any reason, as this presents a risk to national security.
EFCC urges Nigerian legislators
zaia news.ngnoted that the Economic and Financial Crimes Commission (EFCC) has called on the National Assembly to enact legislation that makes unexplained wealth and assets a criminal offense within the nation.
The head of the EFCC, Ola Olukoyede, issued this request during a speech at the National Conference on Public Accounts and Fiscal Management hosted by the Public Accounts Committees of the Senate and House of Representatives in Abuja.
He pointed out that the lack of such laws prevents the commission from effectively prosecuting public officials who possess assets significantly exceeding their reported income.