EFCC reports over N700bn lost to internet fraud in 2022

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A staggering N500 billion was lost to internet fraud in Nigeria in 2022, according to the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede. This alarming figure highlights the significant threat cybercrime poses to the Nigerian economy and citizens.

Olukoyede disclosed that several international companies had to shut down their Nigerian operations following massive theft of their finances through local wire fraud.

He noted that in 2022, over $500m was lost as a result of the activities of Internet fraudsters.

A statement by the commission’s Head of Media and Publicity, Dele Oyewale, said the EFCC chairman spoke at the Global Peace Movement International awards on Thursday, where he was named the Man of the Year.

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He said, “In 2022, we lost over $500 million in our economy to yahoo boys. The statistics are there. In the same year, about 71 international companies left Nigeria because they hacked their accounts.

“We can’t get credit cards in Nigeria because of our poor credit rating because of the activities of these cybercriminals. So, the best we can get is debit cards.

“Do you know that there are some international merchants that you cannot use Nigerian cards on their platforms? Display your green passport outside the country and see if they will not take you aside and search you thoroughly.”

Olukorede’s disclosure sheds light on the vastness of the problem, raising concerns about the effectiveness of current measures to combat online scams. The EFCC, Nigeria’s leading anti-graft agency, has made strides in recent years to apprehend cybercriminals. However, the immense financial losses reported by Bawa suggest that these efforts need to be further strengthened.

The report is likely to spark discussions about how to better protect Nigerians from online fraud. Several questions arise:

• What types of internet fraud are most prevalent?
• Are there specific demographics more susceptible to these scams?
• How can financial institutions and tech companies collaborate with law enforcement to create a safer digital environment?

It is crucial to address these questions to curb the financial hemorrhage caused by cybercrime. Public awareness campaigns educating citizens about common online scams and secure online practices are essential. Additionally, improved law enforcement cooperation on a national and international level is likely to be necessary to dismantle cybercriminal networks.

The EFCC chairman’s revelation serves as a stark reminder of the urgency to prioritize cybersecurity measures in Nigeria. By implementing a comprehensive strategy that combines law enforcement action, public awareness initiatives, and technological advancements, the nation can strive to create a more secure digital space for its citizens.

Tags: Economic and Financial Crimes Commission, EFCC, Nigeria, Ola Olukoyede, Fraud, Local Wire Fraud, Cybersecurity, Cybercriminals, Global Peace Movement International awards