In response to a recent crackdown by Meta, Nigeria is intensifying efforts to combat online extortion scams. The Economic and Financial Crimes Commission (EFCC) has expressed willingness to collaborate with global law enforcement agencies to apprehend suspects operating from Nigeria, according to a Financial Times report published Monday (Aug. 26).
Thank you for reading this post, don't forget to subscribe!“There’s no safe haven for anyone committing such crimes in Nigeria as far as the EFCC is concerned,” said EFCC spokesperson Dele Oyewale. His remarks follow Meta’s removal of over 63,000 fake Instagram accounts, including a “coordinated network” of 2,500 accounts linked to 20 users, which were involved in “sextortion” scams.
These scams typically involve fraudsters posing as young women to solicit sexually explicit images from younger men and boys, subsequently extorting money by threatening to release the images. Some victims have tragically died by suicide as a result of these schemes. Cheyvoryea Gibson, a special agent with the FBI in Michigan, highlighted the severity of the issue, labeling financial sextortion as a growing threat targeting minors nationwide.
The rise in these scams is part of a broader surge in online fraud and scam cases. Tim Vanderham, COO of Featurespace, noted the vast scale of financial losses from global scams, which surpasses the revenues of major businesses. The Wall Street Journal reported on the emergence of “scam dens,” sophisticated operations complete with departments for training fraudsters, onboarding victims, and tracking performance metrics.
Fraudsters are increasingly utilizing artificial intelligence to build trust with victims, manipulating emotions to gain access to life savings and retirement funds through authorized push payments.
