The Economic and Financial Crimes Commission (EFCC) has revealed a new scam that fraudsters have developed to rob Nigerians of their hard-earned money and personal data.

The commission warned Nigerians about the common international airlines bargain-ticketing promotions.

According to the commission's statement, which was signed by the media and publicity team, the plan uses malware to obtain unlawful access to the account information of unsuspecting victims.

The EFCC also stated that fraudsters typically use teasers such as "Promotion," "Investment Windows," and other bait phrases to entice victims into divulging their account details.

They then use this information to move money into accounts, primarily in Fintech institutions, in order to carry out fraudulent transactions. Fraudsters use this method to take possession of the money and launder it by purchasing cryptocurrency.

One example was a "promo" offering the general public a 50% discount on tickets when they bought them from a major international airline. Victims were instructed to deposit N500 into the airline’s account as a token payment. Fraudsters obtained their victims' personal information through this payment, which was disguised as a charity donation.

The victims were deceived into downloading the app of the airline to be eligible for the discount. However, after downloading the app and granting unauthorized access to their personal details, funds were moved from the victim’s bank account into an account at a Microfinance Bank,” the statement read.

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 in exchange for copies of their personal details. These details are then sold to Fintech institutions for about N5000.

“These canvassers call themselves 'Account Suppliers' or 'KYC Group.' Information available to the Commission revealed that the actors number up to 12,000 all over the country, seeking account donors who will surrender their NIN registration slip, BVN, passport photograph, and other forms of identification for a small fee. This information is then used to open accounts with Fintech companies for investment scams and other fraudulent schemes.”

The Commission stated that it has made some arrests in this regard, and recoveries of money lost to fraudulent promo actors and account suppliers are ongoing. It urged the public to be wary of these actors, and under no circumstances should any Nigerian agree to be an account donor for any purpose, as this poses a threat to national security.

EFCC calls on Nigerian lawmakers

Legit.ng reported that the Economic and Financial Crimes Commission (EFCC) has urged the National Assembly to pass a law criminalising unexplained wealth and fortune in the country.

EFCC Chairman, Ola Olukoyede, made this request while addressing the National Conference on Public Accounts and Fiscal Governance organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja.

He noted that the absence of such laws makes it impossible for the commission to successfully prosecute public officials when they hold assets far beyond their legitimate earnings.