Security

SCAM ALERT: 4 Deadly Strategies Online Fraudsters Use To Defraud Nigerians

Published

3 years ago

Apr 27, 2022.

EDITOR’S PICK:

Internet theft or fraud is one of the societal threats that is currently on the rise in our society. So many young people from all over the world, particularly in Africa, have taken up the harmful practice of defrauding people of their hard-earned money in order to enjoy a lavish lifestyle.

These fraudsters who are popularly known as ‘’yahoo boys’’ have taken to different innovative means or strategies of exploiting their victims. In other words, they work tirelessly to initiate new strategies just to successfully extort the money of others.

So in this article on EKO HOT BLOG, we would be looking at some deadly strategies these fraudsters now use to defraud Nigerians.

1. BVN or ATM distress calls

This is frequently done to instil panic in people to gain their personal bank information and scam them. In this pattern, a reputable bank representative will contact you and request sensitive bank information such as your BVN, ATM card data, and transaction codes under the premise of assisting you with a banking problem.

These phone calls are intended to terrify you into disclosing this information so that they can extort your money. When you receive this type of call, it is critical not to yield to them, but to draw your bank’s attention to it.

2. Impersonation on social media.

These fraudsters now have the ability to pose as famous people, thanks to social media. They create fake accounts and reach out soliciting some kind of help (money). Some of them might promise to double your money, and others to change your financial status entirely.

3. Cryptocurrency Fraud

This is usually achieved by initiating fake cryptocurrency blockchains or websites to defraud others. They create fake websites that promise to sell cryptocurrencies like Bitcoin, Ethereum, Litecoin and others at a slightly cheaper rate.

The idea is to collect your money and not fulfil their side of the transaction by not giving you what you paid for.

4. Initiation of Ponzi schemes

This is one trick that has been successfully used by many to swindle others of their money in the last decade.

Ponzi schemes are initiated blockchains that are based on building a network of people to deposit a certain amount of money that promises to increase once you bring a referral or downline.

FURTHER READING

Although, some legit online businesses use this pattern to grow their networks and productivity, however; a large number of others, especially those with no physical marketing product or office create chains just to extort the money of vulnerable Nigerians.

The way this system work is to earn the trust of people, thereby accumulating wealth through huge referral and membership and end up closing the platform unannounced with people’s investments.

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