The Economic and Financial Crimes Commission (EFCC), on Friday, has disclosed that 12, 000 Nigerian youths residing across the country are selling personal information details of victims (including Bank Verification Numbers and NIN) to some Fintech Institutions allegedly for about N5000.
This was disclosed in a statement issued by the Commission on Friday.
The EFCC emphasized that the large-scale fraud, which is currently under investigation, is being carried by the affected youths.
The statement partly reads,
“It is important to disclose that this fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1500 and N2000 to their victims to make them surrender a copy of their personal information details to them and sell the same information to some Fintech Institutions for about N5000.
“These canvassers called themselves “Account Suppliers” or “KYC Group”.
” Information available to the Commission revealed that the actors are up to 12000 all over the country seeking account donors that will surrender their NIN registration slip, BVN, passport photograph and other means of identification for a little fee.
“This information are then used to open accounts with Fintech companies for investment scam and sundry fraudulent schemes.”
More Insights
The Commission, in its statement tagged, “Public Alert on New Fraudulent Promo Scam”, viewed with great concern this rising fraudulent scheme newly perfected by fraudsters to defraud Nigerians of their hard-earned money, considering it imperative to alert Nigerians to be wary of ubiquitous foreign airlines’ ticketing discount promos.
Here said scheme, according to the EFCC, involves the use of malware to gain unauthorized access to the account information of unsuspecting victims.
” Teasers like”, Investment Windows” and other baits are usually employed to make their victims volunteer their account information through which fraudsters execute transactions on their behalf by sending their funds to accounts mainly in Fintech Institutions.
“Through this access, fraudsters then control and launder the funds through purchase of crypto currencies,” the statement added.
- A case highlighted by the EFCC “was a “Promo” offering the public 50% discount of ticket purchase in a leading foreign airline.”
- Victims are said to be led to pay a token of N500 into the account of the airline while the N500 payment which is dressed as Charity payment is allegedly the leeway through which the fraudsters gain access to their victim’s personal information.
- According to the Commission, the victims were deceived into downloading the App of the airline to be eligible for the discount.
- However, after downloading the App and gaining unauthorized access to their personal details, funds were moved from the victim’s bank account into an account in an unnamed Microfinance Bank, the EFCC added.
Arrests Made
- The Commission further disclosed that it has made some arrests in this regard while recoveries of money lost to fraudulent Promo actors and Account Suppliers are ongoing.
- Members of the public were enjoined to be wary of these actors, adding on no account should any Nigerian agree to be an Account Donor for any purpose as the EFCC views the development as a threat to national security.
- The EFCC stated that it is committed to safeguarding the financial space of the nation in the overall interests of all Nigerians.
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