ESET, a global leader in digital security, has provided insights on the rising threat of online scams.
In a significant operation earlier in the week, Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), conducted a large-scale raid on the Big Leaf Building in Lagos, which had been identified as a key hub for fraudulent activities.
According to EFCC’s account, 792 individuals, including 148 Chinese and 40 Filipino nationals, were arrested during the operation, all suspected of involvement in a global fraud network.
The suspects allegedly operated a complex scam ring that deceived victims through fraudulent romance offers and cryptocurrency investment schemes.
The Big Leaf Building served as the central location for a call center operation, primarily targeting individuals from the Americas and Europe.
The Nigerian accomplices initiated contact with victims, while foreign nationals managed the deceptive schemes, coercing victims into transferring funds.
During the raid, the EFCC seized computers, mobile phones, and vehicles. Authorities are now collaborating with international law enforcement agencies to investigate potential connections to larger organized crime syndicates.
This operation represents a significant step in combatting the escalating threat of online fraud and transnational criminal activity.
In a media briefing held on Monday, December 16th, 2024, at the EFCC Lagos office, Wilson Uwujaren, the director of Public Affairs, revealed that Nigerian accomplices were recruited to target victims through phishing campaigns, utilizing platforms such as WhatsApp, Instagram, and Telegram.
Reacting to the development, Mr. Olufemi Ake, ESET’s managing director for West Africa, emphasized that fraudsters often use dating sites and social media to assume false identities, making it increasingly difficult to detect their deceptive tactics.
These criminals frequently employ psychological manipulation and advanced artificial intelligence to build trust with their victims, further complicating efforts to catch them.
Ake also noted that many of the Nigerian suspects involved in these fraudulent activities were unaware of the true identity of their employers, as they did not receive official letters of appointment or payments from corporate accounts.
This, he argued, highlights the need for employees to regularly vet their employers’ operations to avoid being ensnared in fraudulent schemes.
“As online criminals become more skilled at exploiting digital platforms, Ake advised individuals to remain cautious and informed to protect themselves from falling prey to increasingly sophisticated fraud tactics”, he said.
He recommended verifying identities through trusted channels, being skeptical of unsolicited investment opportunities, especially those involving cryptocurrencies, and ensuring that their devices are equipped with up-to-date cybersecurity applications. “If it seems too good to be true, it probably is,” Olufemi Ake concluded.