The Economic and Financial Crimes Commission (EFCC) has revealed an extensive cyberfraud scheme involving over 12,000 young Nigerians allegedly engaged in selling sensitive biometric informationโincluding Bank Verification Numbers (BVN), National Identity Numbers (NIN), and passport photographsโto fintech companies for illegal financial activities.
In a statement released on Friday, the Commission described the actors as self-styled โAccount Suppliersโ or โKYC Groupโ agents operating in all corners of the country. According to EFCC investigators, the fraudsters lure unsuspecting Nigerians with payments ranging between โฆ1,500 and โฆ2,000 to part with their personal data. These details are subsequently sold to digital finance platforms for as much as โฆ5,000 per individual.
โThese canvassers,โ the EFCC noted, โare up to 12,000 all over the country seeking account donors that will surrender their NIN registration slip, BVN, passport photograph and other means of identification for a little fee.โ
The data acquired through this process is reportedly used to open bank accounts with fintech firms, which are then exploited for various scamsโincluding investment frauds and laundering operations using cryptocurrencies.
The Commission warned that the surge in such fraudulent activity poses a national security risk. โThis fraud scheme is largely driven by an army of young Nigeriansโฆ The EFCC views the development as a threat to national security,โ the statement read.
