EFCC Warns Nigerians About New Fraudulent Scheme

The Economic and Financial Crimes Commission (EFCC) has alerted the public to a new fraudulent scheme targeting Nigerians. The scheme involves fraudsters using malware to gain unauthorized access to victims' account information, often through "promo" or "investment" bait.


The fraudsters typically use teasers like "Promo" or "Investment Windows" to lure victims into volunteering their account information. Once they gain access, they control and launder the funds through purchase of cryptocurrencies. In one case, victims were deceived into paying N500 for a fake airline ticket promo, which allowed the fraudsters to gain access to their personal details.

The EFCC has discovered that young Nigerians are involved in this scheme, offering to buy account information from victims for N1,500 to N2,000 and selling it to Fintech institutions for N5,000. These individuals, known as "Account Suppliers" or "KYC Group," have reportedly grown to 12,000 across the country.

The EFCC warns Nigerians to be cautious of these actors and not to surrender their personal information for any purpose. The Commission has made some arrests and is recovering money lost to these fraudulent actors.

To avoid falling victim to this scheme, Nigerians should:

Be wary of unsolicited "promo" or "investment" offers

Never volunteer account information to unknown individuals

Be cautious of downloading apps from unverified sources

Monitor account activity regularly


The EFCC is committed to safeguarding Nigeria's financial space and protecting the public from financial crimes. The Commission urges Nigerians to report any suspicious activities and to work together to prevent financial crimes.


Follow NewsWave Dailyz for more update 

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