The Economic and Financial Crimes Commission (EFCC) revealed on Friday that 12,000 Nigerian youths across the country are selling personal information, including Bank Verification Numbers (BVN) and National Identification Numbers (NIN), to various Fintech institutions for approximately N5,000.
This alarming disclosure was contained in a statement released by the Commission. The EFCC highlighted that the extensive fraudulent activities are being orchestrated by these youths, who often lure victims by offering them meager payments between N1,500 and N2,000 in exchange for their personal information.
The statement elaborated:
“It is important to disclose that this fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1,500 and N2,000 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 N5,000.
“These canvassers refer to themselves as ‘Account Suppliers’ or ‘KYC Group.’
“Information available to the Commission revealed that the actors number up to 12,000 across the country, seeking account donors to surrender their NIN registration slip, BVN, passport photograph, and other means of identification for a small fee.
“This information is then exploited to open accounts with Fintech companies for investment scams and other fraudulent schemes.”
In a statement titled “Public Alert on New Fraudulent Promo Scam,” the Commission expressed deep concern over this rising fraudulent scheme, which has been refined by criminals to swindle Nigerians of their hard-earned money. It is crucial for the public to remain vigilant, particularly against supposed discounts from foreign airline ticketing promotions.
According to the EFCC, this scheme involves the use of malware to gain unauthorized access to the account information of unsuspecting victims.
Fraudsters typically use enticing offers, such as “Investment Windows,” to trick victims into volunteering sensitive account information, allowing the criminals to carry out unauthorized transactions and launder the funds through cryptocurrency purchases.
A notable example highlighted by the EFCC involved a promotion offering a 50% discount on ticket purchases from a prominent foreign airline. Victims were misled into paying a nominal fee of N500—disguised as a charitable contribution—under the pretense of gaining access to the discount.
After downloading the airline’s app, victims inadvertently provided the fraudsters with access to their personal details, leading to unauthorized transactions and fund transfers to an unnamed microfinance bank, as reported by the EFCC.
Arrests Made
The Commission confirmed that arrests have taken place in connection with this operation, with ongoing efforts to recover funds lost to these fraudulent promotions and “Account Suppliers.”
The public is urged to exercise caution and to avoid becoming “Account Donors” for any reason, as the EFCC regards this development as a serious threat to national security. The Commission reiterated its commitment to protecting the financial ecosystem for the benefit of all Nigerians.