The Economic and Financial Crimes Commission (EFCC) is sounding the alarm about a sophisticated new fraud scheme targeting Nigerians. Fraudsters are using enticing offers, particularly deeply discounted foreign airline tickets, to gain unauthorized access to victims’ bank accounts and personal information.
This new scam often involves seemingly innocent “promo” or “investment window” teasers. Victims are lured into volunteering their account details, which fraudsters then exploit to move funds, often to fintech institutions, and even convert them into cryptocurrency for money laundering.
A recent case involved a “promo” offering a 50% discount on tickets from a major foreign airline. Victims were asked to pay a token of N500, disguised as a “charity payment,” which served as the gateway for fraudsters to access their personal information. Victims were further deceived into downloading the airline’s app, giving the fraudsters unauthorized access to their personal details. Subsequently, funds were siphoned from the victims’ bank accounts into microfinance bank accounts.
Alarmingly, this fraud is fueled by a network of young Nigerians, often referred to as “Account Suppliers” or “KYC Group.” These individuals offer a meager N1,500 to N2,000 to victims in exchange for their personal identification details, such as their NIN registration slip, BVN, and passport photograph. This sensitive information is then sold to fintech institutions for approximately N5,000, where it’s used to open accounts for investment scams and other fraudulent activities. The EFCC estimates there are up to 12,000 such “account suppliers” operating nationwide.
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The EFCC has made arrests in connection with these schemes, and efforts to recover lost funds are underway. Nigerians are strongly advised to exercise extreme caution and never agree to be an “Account Donor” for any purpose, as this poses a significant threat to national security.
The Commission reiterates its commitment to protecting Nigeria’s financial space for the benefit of all citizens.
