Estimated reading time: 34 minute(s)
Cybercrime has become an ever-increasing threat to businesses and individuals in Nigeria. With the rapid growth of technology and internet usage, cyber criminals have found new and sophisticated ways to scam and hack their targets, causing financial losses and privacy breaches. FAWAZ ADEBISI writes.
From email phishing to identity theft, cyber criminals in Nigeria have become more brazen and cunning, with many of their victims falling prey to their tricks.
Businesses, especially small and medium-sized enterprises, are particularly vulnerable to cyber-attacks, with many lacking the necessary resources to invest in cyber security measures.
Business owners are increasingly becoming victims of cybercrime and fraud, resulting in the loss of significant wealth. With the increasing digitization of business operations and transactions, cyber criminals have found new avenues to exploit and defraud unsuspecting business owners.
One of the most common forms of cybercrime is phishing scams, where fraudsters impersonate legitimate entities and trick business owners into disclosing sensitive information such as passwords or credit card details. Once the criminals have gained access to the business owner’s accounts, they can make unauthorized transactions and drain their funds.
Victims Lost $4.2 Billion In 2020 — FBI
According to the US Federal Bureau of Investigation (FBI) internet crime report, Nigeria was ranked 16th among countries most affected by internet crime globally in 2020.
The report showed that victims of such scams worldwide lost $4.2 billion in 2020, with the top five crimes reported being phishing, non-payment/non-delivery, extortion, personal data breach, and identity theft.
The UK led among the most affected countries, followed by Canada, India, Greece, and Australia, while South Africa ranked sixth with 1,754 complaints.
The report also revealed that cyber criminals exploited the COVID-19 pandemic to perpetrate scams, with fraudulent advertisements for vaccines popping up on social media platforms, email, telephone calls, online, or from unsolicited/unknown sources.
In a related development, cyber security experts had earlier predicted that financial damages and losses from cybercrime could reach $6 trillion in 2021, with cyber attacks being among the fastest-growing crimes globally.
According to Techcabal, an online technological company, the African continent loses $4 billion annually to cybercrime, reducing GDPs by 10% in 2021.
However, African countries are not among the top cybercrime originators, as China, Russia, Brazil, India, and the United States have repeatedly topped the charts.
According to research, the top five cyber threats in Africa are online scams, digital extortion, business email compromise or BECs, ransomware, and botnets, and most of them are distributed through emails.
Business owners who fall victim to cybercrime and fraud often feel helpless and frustrated, as they struggle to regain control of their finances and protect their reputation. They may also face legal repercussions and damage to their brand, which can further exacerbate their financial losses.
The lament of business owners over the loss of wealth due to cybercrime and fraud is a growing concern in today’s digital landscape. By taking proactive measures to protect themselves and their assets, business owners can minimize their risks and avoid the devastating financial consequences of cybercrime and fraud.
Cyber criminals, as technology advances, can now create a business, with the same name and information of a big enterprise, to scam people, luring them to pay for products they can never receive.
As such, a close source, who spoke on anonymity, explained to this reporter how he got scammed while attempting to purchase a phone, Infinix Note 12 VIP, through a popular online marketplace, Jiji.
Jiji is an online marketplace, which deals with selling products, like cars, houses, phones, accessories, and so on, to real people.
… Major Data Breaches of 2022-2023: Millions of Personal Records Exposed
According to Tech.co data on breaches that have occurred since January 1, 2022. The breaches impacted companies such as Activision, Atlassian, Reddit, T-Mobile, MailChimp, PayPal, Twitter, and Dropbox, among others.
The data breaches involved sensitive employee and personal data, social engineering attacks, stolen login credentials, ransomware attacks, and compromised customer information.
The impacts of the breaches varied, including the exposure of 170,000 healthcare records, the theft of data from nearly 500,000 customers, and the potential access of up to 10 million people’s personal information.
… Hackers Attempt 12.9 Million Attacks On Websites Ahead Of 2023 Elections
Also, during the 2023 General Elections, the Nigerian Minister of Communication and Digital Economy, Isah Pantami, stated that there were 12.9 million attempts made by hackers on government websites and portals between February 24 and April 14, 2023.
The attempts included Distributed Denial of Service (DDoS), email and IPS attacks, SSH Login Attempts, Brute force Injection attempts, Path Traversal, Detection Evasion, and Forceful Browsing.
However, the Ministry of Communications and Digital Economy reported that all the attacks were successfully blocked by relevant agencies under its supervision.
… Hushpuppi Sentenced to 11 Years in Prison for Money Laundering in US
A Nigerian social media influencer Ramon Abbas, also known as “Hushpuppi,” who admitted to laundering over $300 million, was sentenced to more than 11 years in prison and was ordered to pay $1.7m in restitution to two fraud victims for money laundering.
PLATFORM TIMES reports that Abbas, who had over two million Instagram followers, was famous for flaunting a luxurious lifestyle supported by laundering millions of dollars.
The internet fraudster was arrested in 2020 in Dubai, UAE, and pleaded guilty in April 2021 to one count of conspiracy to engage in money laundering.
I Felt Stupid, Devastated After Being Duped — Victim
The source, who is an Alumnus of Moshood Abiola Polytechnic, MAPOLY, Ojere Abeokuta, while sharing his story of how he was scammed of ₦110,000, explained that he came in contact with the scammers on Facebook.
The source explained that he met the scammers on Facebook, through an advert he came across, adding that he wanted to buy a phone, Infinix Note 12 VIP, which was worth over N160,000 but was displayed at the rate of N110,000, from them.
Having seen the advert, he contacted the sellers and eventually made a half payment of ₦50,000 through an account that bore Jiji’s name.
In his words, the scammers were so real that they sent him receipts of every transaction he made with them, “I was so confident that I didn’t bother to check if there were real or not, he added
“I thought I was chatting with the real people, the account number they gave me was bearing Jiji account, so I was thinking how would someone use a big company’s account to fraud people, I asked some people too, and they said no, that it’s not really possible,” he stressed.
After receiving a call from someone claiming to be a delivery man, he was asked to pay an additional ₦10,000 for clearance fees at the airport.
“Later, I saw a call that my phone has arrived at the airport, I was even surprised that what does airport have to do in this matter, since you didn’t tell me the phone is coming from overseas, so how will I be paying for clearance fee.
“I told the person that I cannot pay it, why will I pay for that, when I cut the call, the one that called me called the person I got from Facebook, I didn’t realize they were working together,” he explained.
However, he paid the ₦10,000, stressing that he was convinced by the name on the account that was sent to him for payment that they are real people.
He said the name on the bank account was “airport clearance”, stressing that “It looked so real, because I didn’t believe bank could register them without being real, so I paid 10k.”
While trying to get another representative to help him get his product delivered, he got into the hand of another scammer, who jilted him of another ₦50,000.
He said, “I tried to get a representative of Jiji, not knowing that the person I called too was a fraud. That one duped me of another 50k, he also gave me another Jiji account,” lamenting that they have many accounts that are bearing Jiji name.
The source further said he went to Jiji’s former office at Borno – Way, however, he was informed that they left there two years to four years ago.
“So I managed to get their original office, when I got there, a representative told me that anything I want to do should be on their app and I should not pay any down payment. He said payment should be done after one receives his good, that the company doesn’t recongize that, saying they have duped me, i was shocked. That was how I was scammed,” he added.
It was gathered that the address, Borno-Way, is still the one on the business app.
Another victim, Abike, a fashion designer and cloth seller, has recently fallen victim to an online scam after she was asked to make a down payment of 10,000 Naira (approximately $25) for an order she made through a WhatsApp group.
Abike, who had been doing online transactions before, thought she had found a reliable source for her clothing needs, but realized she had been duped on the day she was supposed to receive her order.
She said she was sweet-talked into trusting the seller, and the fact that she had never been scammed before made her take a risk.
“I realized I’ve been duped on the day I was supposed to get my orders, I’ve done nothing about it,” Abike said.
“This has not happened to me before, and it affected me so much. I was unable to deliver, so I had to cover up for the loss.”
She further stated that she had to use her savings to cover up for the loss, which was meant for something else. However, she was able to recover financially a week after the incident.
Be Tech Literate, Expert Advises Business Owners, Individuals
An expert in cybersecurity Igbagboyemi Oladele, has advised businesses and individuals to become tech-literate to avoid falling prey to cybercrime and fraudsters.
According to Oladele, individuals and business owners should be wary of suspicious links on their social media accounts and SMS messages.
He warned that clicking on such links could give hackers access to sensitive information, leaving them vulnerable to fraud.
He advised that individuals and businesses should be mindful of who they transact with and be wary of fake alerts and other fraudulent activities that can be used to defraud people. Hackers often use links that end with ‘zy’, ‘zyz’, or ‘.co’, so it’s essential to be cautious of any unfamiliar links.
The expert warned that as hackers continue to upgrade their tools, it’s unlikely that cybercrime will stop. Therefore, the best defense is to be tech-literate and stay informed about the latest trends in cybersecurity.
Business owners, in particular, are urged to take cybersecurity seriously and invest in the necessary tools and resources to protect their businesses from potential cyber threats. As the saying goes, prevention is better than cure, and being tech-literate could be the key to safeguarding against cybercrime and fraud.
In the same vein, Interpol’s Africa Cyberthreat Assessment Report shows that over 90% of businesses on the continent operate without the necessary cybersecurity protocols in place.
It added that it is necessary for everyone, from businesses to governments and individuals, to learn how to protect their data and digital sovereignty, stressing that with the proper cybersecurity protocols in place, African businesses can grow and contribute even more to the global economy.
Only Covetous People Fall Victim, Police Warn Nigerians
In the same vein, the Ogun State Police Public Relations Officer, Abimbola Oyeyemi, warned Nigerians to be wary of scams and be able to identify and raise scam alerts.
According to the PRO, Nigerians want free things, especially promo, and that is why the fall into the net of scammers.
He noted that most fraudulent activities are carried out online, and warned that scammers use various tactics to defraud unsuspecting Nigerians.
He cited instances where scammers pose as customs officers and use fake customs accounts on Facebook to dupe people into buying cars. He also mentioned that some scammers send SMS or WhatsApp messages promising rewards to unsuspecting victims, and then use the links in the messages to access their personal information.
Oyeyemi advised Nigerians against giving money to strangers, especially in exchange for promises of doubling the money.
He therefore emphasized the need for Nigerians to be cautious and not allow greed to cloud their judgment, stating that scammers target people who are too eager to get something for nothing.
“The victims too, they are victim of greed, when you give someone you don’t know money to help you double it.
“Some people will patronize cars from scammers with fake custom account on Facebook, are you not supposed to know someone you’re giving your money to. Stop being gullible and don’t let your greed overtake you,” he added.
Estimated reading time: 34 minute(s)
Cybercrime has become an ever-increasing threat to businesses and individuals in Nigeria. With the rapid growth of technology and internet usage, cyber criminals have found new and sophisticated ways to scam and hack their targets, causing financial losses and privacy breaches. FAWAZ ADEBISI writes.
From email phishing to identity theft, cyber criminals in Nigeria have become more brazen and cunning, with many of their victims falling prey to their tricks.
Businesses, especially small and medium-sized enterprises, are particularly vulnerable to cyber-attacks, with many lacking the necessary resources to invest in cyber security measures.
Business owners are increasingly becoming victims of cybercrime and fraud, resulting in the loss of significant wealth. With the increasing digitization of business operations and transactions, cyber criminals have found new avenues to exploit and defraud unsuspecting business owners.
One of the most common forms of cybercrime is phishing scams, where fraudsters impersonate legitimate entities and trick business owners into disclosing sensitive information such as passwords or credit card details. Once the criminals have gained access to the business owner’s accounts, they can make unauthorized transactions and drain their funds.
Victims Lost $4.2 Billion In 2020 — FBI
According to the US Federal Bureau of Investigation (FBI) internet crime report, Nigeria was ranked 16th among countries most affected by internet crime globally in 2020.
The report showed that victims of such scams worldwide lost $4.2 billion in 2020, with the top five crimes reported being phishing, non-payment/non-delivery, extortion, personal data breach, and identity theft.
The UK led among the most affected countries, followed by Canada, India, Greece, and Australia, while South Africa ranked sixth with 1,754 complaints.
The report also revealed that cyber criminals exploited the COVID-19 pandemic to perpetrate scams, with fraudulent advertisements for vaccines popping up on social media platforms, email, telephone calls, online, or from unsolicited/unknown sources.
In a related development, cyber security experts had earlier predicted that financial damages and losses from cybercrime could reach $6 trillion in 2021, with cyber attacks being among the fastest-growing crimes globally.
According to Techcabal, an online technological company, the African continent loses $4 billion annually to cybercrime, reducing GDPs by 10% in 2021.
However, African countries are not among the top cybercrime originators, as China, Russia, Brazil, India, and the United States have repeatedly topped the charts.
According to research, the top five cyber threats in Africa are online scams, digital extortion, business email compromise or BECs, ransomware, and botnets, and most of them are distributed through emails.
Business owners who fall victim to cybercrime and fraud often feel helpless and frustrated, as they struggle to regain control of their finances and protect their reputation. They may also face legal repercussions and damage to their brand, which can further exacerbate their financial losses.
The lament of business owners over the loss of wealth due to cybercrime and fraud is a growing concern in today’s digital landscape. By taking proactive measures to protect themselves and their assets, business owners can minimize their risks and avoid the devastating financial consequences of cybercrime and fraud.
Cyber criminals, as technology advances, can now create a business, with the same name and information of a big enterprise, to scam people, luring them to pay for products they can never receive.
As such, a close source, who spoke on anonymity, explained to this reporter how he got scammed while attempting to purchase a phone, Infinix Note 12 VIP, through a popular online marketplace, Jiji.
Jiji is an online marketplace, which deals with selling products, like cars, houses, phones, accessories, and so on, to real people.
… Major Data Breaches of 2022-2023: Millions of Personal Records Exposed
According to Tech.co data on breaches that have occurred since January 1, 2022. The breaches impacted companies such as Activision, Atlassian, Reddit, T-Mobile, MailChimp, PayPal, Twitter, and Dropbox, among others.
The data breaches involved sensitive employee and personal data, social engineering attacks, stolen login credentials, ransomware attacks, and compromised customer information.
The impacts of the breaches varied, including the exposure of 170,000 healthcare records, the theft of data from nearly 500,000 customers, and the potential access of up to 10 million people’s personal information.
… Hackers Attempt 12.9 Million Attacks On Websites Ahead Of 2023 Elections
Also, during the 2023 General Elections, the Nigerian Minister of Communication and Digital Economy, Isah Pantami, stated that there were 12.9 million attempts made by hackers on government websites and portals between February 24 and April 14, 2023.
The attempts included Distributed Denial of Service (DDoS), email and IPS attacks, SSH Login Attempts, Brute force Injection attempts, Path Traversal, Detection Evasion, and Forceful Browsing.
However, the Ministry of Communications and Digital Economy reported that all the attacks were successfully blocked by relevant agencies under its supervision.
… Hushpuppi Sentenced to 11 Years in Prison for Money Laundering in US
A Nigerian social media influencer Ramon Abbas, also known as “Hushpuppi,” who admitted to laundering over $300 million, was sentenced to more than 11 years in prison and was ordered to pay $1.7m in restitution to two fraud victims for money laundering.
PLATFORM TIMES reports that Abbas, who had over two million Instagram followers, was famous for flaunting a luxurious lifestyle supported by laundering millions of dollars.
The internet fraudster was arrested in 2020 in Dubai, UAE, and pleaded guilty in April 2021 to one count of conspiracy to engage in money laundering.
I Felt Stupid, Devastated After Being Duped — Victim
The source, who is an Alumnus of Moshood Abiola Polytechnic, MAPOLY, Ojere Abeokuta, while sharing his story of how he was scammed of ₦110,000, explained that he came in contact with the scammers on Facebook.
The source explained that he met the scammers on Facebook, through an advert he came across, adding that he wanted to buy a phone, Infinix Note 12 VIP, which was worth over N160,000 but was displayed at the rate of N110,000, from them.
Having seen the advert, he contacted the sellers and eventually made a half payment of ₦50,000 through an account that bore Jiji’s name.
In his words, the scammers were so real that they sent him receipts of every transaction he made with them, “I was so confident that I didn’t bother to check if there were real or not, he added
“I thought I was chatting with the real people, the account number they gave me was bearing Jiji account, so I was thinking how would someone use a big company’s account to fraud people, I asked some people too, and they said no, that it’s not really possible,” he stressed.
After receiving a call from someone claiming to be a delivery man, he was asked to pay an additional ₦10,000 for clearance fees at the airport.
“Later, I saw a call that my phone has arrived at the airport, I was even surprised that what does airport have to do in this matter, since you didn’t tell me the phone is coming from overseas, so how will I be paying for clearance fee.
“I told the person that I cannot pay it, why will I pay for that, when I cut the call, the one that called me called the person I got from Facebook, I didn’t realize they were working together,” he explained.
However, he paid the ₦10,000, stressing that he was convinced by the name on the account that was sent to him for payment that they are real people.
He said the name on the bank account was “airport clearance”, stressing that “It looked so real, because I didn’t believe bank could register them without being real, so I paid 10k.”
While trying to get another representative to help him get his product delivered, he got into the hand of another scammer, who jilted him of another ₦50,000.
He said, “I tried to get a representative of Jiji, not knowing that the person I called too was a fraud. That one duped me of another 50k, he also gave me another Jiji account,” lamenting that they have many accounts that are bearing Jiji name.
The source further said he went to Jiji’s former office at Borno – Way, however, he was informed that they left there two years to four years ago.
“So I managed to get their original office, when I got there, a representative told me that anything I want to do should be on their app and I should not pay any down payment. He said payment should be done after one receives his good, that the company doesn’t recongize that, saying they have duped me, i was shocked. That was how I was scammed,” he added.
It was gathered that the address, Borno-Way, is still the one on the business app.
Another victim, Abike, a fashion designer and cloth seller, has recently fallen victim to an online scam after she was asked to make a down payment of 10,000 Naira (approximately $25) for an order she made through a WhatsApp group.
Abike, who had been doing online transactions before, thought she had found a reliable source for her clothing needs, but realized she had been duped on the day she was supposed to receive her order.
She said she was sweet-talked into trusting the seller, and the fact that she had never been scammed before made her take a risk.
“I realized I’ve been duped on the day I was supposed to get my orders, I’ve done nothing about it,” Abike said.
“This has not happened to me before, and it affected me so much. I was unable to deliver, so I had to cover up for the loss.”
She further stated that she had to use her savings to cover up for the loss, which was meant for something else. However, she was able to recover financially a week after the incident.
Be Tech Literate, Expert Advises Business Owners, Individuals
An expert in cybersecurity Igbagboyemi Oladele, has advised businesses and individuals to become tech-literate to avoid falling prey to cybercrime and fraudsters.
According to Oladele, individuals and business owners should be wary of suspicious links on their social media accounts and SMS messages.
He warned that clicking on such links could give hackers access to sensitive information, leaving them vulnerable to fraud.
He advised that individuals and businesses should be mindful of who they transact with and be wary of fake alerts and other fraudulent activities that can be used to defraud people. Hackers often use links that end with ‘zy’, ‘zyz’, or ‘.co’, so it’s essential to be cautious of any unfamiliar links.
The expert warned that as hackers continue to upgrade their tools, it’s unlikely that cybercrime will stop. Therefore, the best defense is to be tech-literate and stay informed about the latest trends in cybersecurity.
Business owners, in particular, are urged to take cybersecurity seriously and invest in the necessary tools and resources to protect their businesses from potential cyber threats. As the saying goes, prevention is better than cure, and being tech-literate could be the key to safeguarding against cybercrime and fraud.
In the same vein, Interpol’s Africa Cyberthreat Assessment Report shows that over 90% of businesses on the continent operate without the necessary cybersecurity protocols in place.
It added that it is necessary for everyone, from businesses to governments and individuals, to learn how to protect their data and digital sovereignty, stressing that with the proper cybersecurity protocols in place, African businesses can grow and contribute even more to the global economy.
Only Covetous People Fall Victim, Police Warn Nigerians
In the same vein, the Ogun State Police Public Relations Officer, Abimbola Oyeyemi, warned Nigerians to be wary of scams and be able to identify and raise scam alerts.
According to the PRO, Nigerians want free things, especially promo, and that is why the fall into the net of scammers.
He noted that most fraudulent activities are carried out online, and warned that scammers use various tactics to defraud unsuspecting Nigerians.
He cited instances where scammers pose as customs officers and use fake customs accounts on Facebook to dupe people into buying cars. He also mentioned that some scammers send SMS or WhatsApp messages promising rewards to unsuspecting victims, and then use the links in the messages to access their personal information.
Oyeyemi advised Nigerians against giving money to strangers, especially in exchange for promises of doubling the money.
He therefore emphasized the need for Nigerians to be cautious and not allow greed to cloud their judgment, stating that scammers target people who are too eager to get something for nothing.
“The victims too, they are victim of greed, when you give someone you don’t know money to help you double it.
“Some people will patronize cars from scammers with fake custom account on Facebook, are you not supposed to know someone you’re giving your money to. Stop being gullible and don’t let your greed overtake you,” he added.
Estimated reading time: 1 minute(s)
FOOTNOTE: Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 or email: platformtimes@gmail.com
