EFCC nabs six alleged internet fraudsters in Abuja

In a recent development, operatives of the Economic and Financial Crimes Commission (EFCC) have taken into custody six individuals suspected of engaging in internet fraud activities. These arrests were carried out within the Bwari and Dutse areas of Abuja. According to Wilson Uwujaren, the EFCC’s spokesperson, these suspects were apprehended on Monday based on intelligence gathered about their purported involvement in cybercrime-related endeavors. The arrested individuals have been identified as Odey Paul (25), Greg Odey (23), Julius Okpanachi (21), Ugbede Opaluwa (25), Okpanachi Emmanuel (25), and Mohammed Abba (26). From the possessions of the suspects, law enforcement authorities managed to recover two Toyota Camry vehicles, one Mercedes Benz C300 car, a total of twelve mobile phones, and three laptops. As the investigation unfolds and progresses, the EFCC spokesperson, Uwujaren, conveyed that the suspects will be presented before the court to face legal proceedings. The aim is to ensure that justice is served once the investigation is thoroughly concluded.

Fraudsters fleece Nigerian banks of N9.5bn in 7 months -Report

The Nigeria Electronic Fraud Forum reported at the weekend said that Nigeria’s banking industry lost about N9.5 billion to electronic frauds between January and August 2023. According to the forum, the digital infrastructure in the financial system is still subject to manipulation by cybercriminals. Worried by the negative implications of the surging rate of e-fraud for the economy, the Forum has called for new measures and increased collaboration of all stakeholders, particularly the banks and the Ministry of Communications, Innovation and Digital Economy, to combat the rising trend. The Forum made this disclosure at its 3rd Quarter 2023 meeting in Lagos with the theme “New Strategies for Combating e-Fraud in a Cashless Environment”. Delivering his paper at the meeting, the Managing Director of Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, reflected on the disturbing trend of e-frauds in the country, especially through betting platforms. The NIBSS boss, who was represented by the Chief Risk Officer at the meeting, Temidayo Adekanye, said: “Recently, we had the cashless policies from CBN, which was incurring a dramatic increase in the volume of transactions in the industry which variably as the impact of the volume of fraud in the industry itself. Now, the increased efficiency has also meant that fraud has dramatically increased across industry. “For Q1 2023, the total fraud reported through the industry forum portal was at N5.1 billion. For fraud trends over the last five years, in 2019, we’re looking at about N3 billion and currently 2023, we are looking at about N9.5 billion to date. Fraud losses have increased dramatically over the last five years. “So, as you can see also from the current perspective, from January to July 2023, there has been a slight jump between June and July, a 39 per cent increase with 8,649 with the actual fraud losses in July 2023, we’re looking at N1.2 billion which is a 54 per cent increase over the period. Now as you can see from January in general, we recorded about N2.7 billion in actual fraud losses.” “What we see most is the fact that the primary channels are the betting platforms. So once the money hits the betting platform or a wallet account or in some cases POS agents once it’s cashed out, it is a black hole. There is no way you can recover that money. We’re talking about potentially five per cent recovery rates across the industry. So, we all have to identify those betting and wallets accounts, POS agents, cryptocurrency accounts, and in some cases purchases,” Oiwoh added. In his remarks at the meeting, the NeFF Chairman and CBN’s Director, Payment Systems, Musa Jimoh, said: “Today, we are here to continue that conversation to look at new strategies by which we can combat E-fraud. If we don’t combat the cyber criminals, they will weigh us down and disrupt the entire system. So, we all need to work together to see how we can make life extremely difficult for cybercriminals. “We need to look at new ways, new techniques, and more efficient manners by which we can improve and guard against the banking and payment infrastructure and educate ourselves on how we can safeguard our bank credentials or tokens and all the information that the banks have provided to us to safeguard.

EFCC cracks down on cyber fraud hideout, arrests 14 suspects in Benue

In a significant stride against cybercriminal activities, the Economic and Financial Crimes Commission (EFCC) has apprehended 14 individuals suspected of engaging in internet fraud in the city of Makurdi, located in Benue State. The spokesperson for the EFCC, Wilson Uwujaren, released a statement in Abuja detailing the operation. Among the detainees are Solomon Oloche, Innocent Ochola, Aselo Wisdom, Simon Jeff, Innocent Raphael, Akula Kelvin, Emmanuel Okanche, Francis Chikodirie, Atoo Michael, Ochayi Nelson, Ngutor Paul, Michael Tyobe, Samuel Okanche, and Patience Tseaa. The arrests were conducted following an extensive period of surveillance and intelligence gathering, aimed at uncovering the alleged criminal activities of the suspects. The confiscated items from the operation encompass a Toyota Camry Car, 14 iPhones, 11 Android phones, 6 laptop computers, various ATM cards, a flash drive, MTN Router, a Tus bike, and an assortment of potentially incriminating documents. Uwujaren noted, “The suspects have cooperated during the preliminary interrogations and will be subject to legal proceedings once the investigative phase concludes.” This breakthrough signifies a determined effort by the EFCC to tackle cyber-based offenses and ensure that justice is served.