“Dear friends, I’ve just experienced a devastating scam. A sum of 950k was fraudulently withdrawn from my bank account through a mysterious account. I am currently without shelter and feeling utterly drained and frustrated,”
~ X User, @Jemimalifestyle
“Sadly, we live in a time where we have to constantly watch our backs offline and even online! Unfortunately, I was scammed today of #700,000. I have been able to access this man’s mobile number through his BVN, and he is a scammer and has been reported countless times, yet his mobile number and bank account still work.”
~ @theelizabeth_ via Instagram
In recent times, stories like Jemima’s and Elizabeth’s highlight the devastating impact of online scams in Nigeria, where a staggering increase in cybercrimes, as reported by Nairametrics in 2023, has left individuals and small businesses vulnerable.
The evolving landscape of fraud, ranging from phishing emails to identity theft, continues to exploit vulnerabilities in communication channels, posing significant risks to financial security and personal well-being.
Nigeria, a global economic powerhouse, faces a paradox as its citizens face challenging economic conditions.
While oil and agriculture remain pivotal industries, its technology sector emerges as one of the fastest-growing globally.
These statistics, however, do not reflect the citizens’ standard of living, where, according to Trading Economics, the average Nigerian salary is 43,200 Naira per month (about $29).
Additionally, the country grapples with the second-highest unemployment rate globally. Over the last five years, unemployment has skyrocketed from 27.1 per cent to 33.3 per cent amid the pandemic, as reported by Bloomberg.
This challenging economic landscape has contributed to increased scams targeting individuals and small enterprises.
The upward trend of scams, including online phishing and SMS scams, has become increasingly prevalent, with fraudsters posing as legitimate entities to obtain sensitive personal and financial information.
The impact of scams extends beyond financial losses, profoundly affecting victims’ emotional well-being. Feelings of betrayal, shame, and helplessness accompany the financial loss, leading to depleted savings, ruined credit, and even bankruptcy for small businesses.
The emotional toll can result in long-term psychological distress, impacting victims’ ability to regain a sense of security and stability in their lives.
Recommended reading: PalmPay’s efforts at curtailing cyber fraud: Two sides of the same coin
In Nigeria, technological advancement is often blamed for the rise in online scams. However, Ogo Onwuzurike, Country Manager (Nigeria) at Truecaller, quickly reminded us that “fraud is prevalent in almost all industries, both within and outside the country. But as fraudsters become more sophisticated in their practice, so will technologies to prevent those frauds evolve.”
In a report by the U.S. Federal Trade Commission, call blocking and call labelling are recommended as the best defence against unwanted calls, with a focus on apps providing fraud protection services.
Caller ID applications like Truecaller emerged as a technological solution to combat unwanted calls and protect users from scams.
Truecaller helps individuals identify unknown numbers, block unwanted calls, and warn users about spam/scam calls based on data reported by millions of users worldwide.
The caller identification and spam-blocking application has been at the forefront of warning users about potential fraudulent phone calls for over a decade.
With features like “Fraud Protection,” introduced in response to the rise in SMS fraud (smishing), the app recognizes fraudulent messages and senders. This feature is particularly beneficial for those who may need to be more adept at spotting scams and may mistakenly believe they are dealing with legitimate individuals or businesses.
Truecaller utilizes a combination of real-time community-driven data, machine learning algorithms, and community feedback to identify and flag potential spam calls and messages.
Users can manually block numbers or report spam calls, contributing to the app’s database and enhancing its effectiveness in blocking unwanted communications.
Onwuzurike emphasized Truecaller’s role in not just empowering users to identify and avoid potential scam calls but also offering added layers of security features like call recording, call history, and contact management, making it a comprehensive communication tool for users seeking to manage their calls and messages more effectively and most importantly, enhancing their security and peace of mind.
Its impact extends beyond individual users to benefit businesses; with B2B solutions, Truecaller allows businesses to enhance trusted business communication.
By displaying verified business names and logos, customers are more likely to answer calls, as they know it’s legitimate business communication.
Businesses also gain control over their communication channels, providing identity and trust to their calls.
- ‘It is more than an application’, Onwuzurike says “Truecaller stands as a testament to our commitment to providing users with the tools they need to stay ahead of scams and protect themselves in an ever-changing digital landscape,”
Our ability to empower users with real-time information, filter out spam calls, and mitigate risks from fraudsters underscores the importance of safeguarding the integrity of communication networks and enhancing user security in an increasingly digital and exposed world.
In the ongoing battle against scams and fraudulent activities in Nigeria, can Truecaller be the valuable ally Nigerians desperately need right now?
Recommended reading: Nigeria’s fintech community and the global war against fraud
Adekunle Olugbenga is a writer, tech enthusiast, copywriter and brand analyst who writes from Ibadan, Nigeria.
Adekunle Gbenga is a writer and brand strategist with 4+ years of experience connecting brands with their audience through compelling brand copy.
He is a content writer interested in Tech, African fashion, and communications. He is a current Next Gen 22/23 Fellow at the Business of Fashion, a Forbes BLK member, and a Deputy Editor at Prazzle Inc.
