By Babatunji Wusu
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The Economic and Financial Crimes Commission (EFCC) warns Nigerians about a widespread promo scam involving malware that enables fraudsters to access personal and banking information for unauthorized transactions.
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Criminals lure victims with enticing offers such as fake airline ticket discounts and “investment windows,” tricking them into downloading malicious apps and sharing sensitive data.
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The scam is facilitated by an estimated 12,000 youths nationwide, called “Account Suppliers” or the “KYC Group,” who pay victims small sums for personal information used to open fraudulent fintech accounts.
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EFCC has made arrests and continues efforts to recover the stolen funds, advising the public to avoid sharing personal data and to be cautious of suspicious promotional schemes.
The Economic and Financial Crimes Commission (EFCC) has issued a strong alert regarding a sophisticated promo scam exploiting unsuspecting Nigerians through digital fraud and identity theft. This scam primarily uses malware to gain unauthorized access to victims’ bank accounts, enabling criminals to execute illegal transactions by transferring funds to accounts within fintech and microfinance institutions.
Fraudsters deploy enticing baits like “Promo” offers, “Investment Windows,” and eye-catching discounts, such as a recent scheme advertising a 50% reduction on tickets from a leading foreign airline. Victims are deceived into paying a token amount—often labeled as a “charity” payment—into a seemingly legitimate account. This payment serves as an entry point for scammers to have the victims download a fake airline app, which covertly harvests their personal information, including National Identification Number (NIN), Bank Verification Number (BVN), and passport photographs.
A notable aspect of the operation is the involvement of a large network of young Nigerians known as “Account Suppliers” or members of the “KYC Group,” reportedly numbering around 12,000 across the country. These individuals entice vulnerable citizens to share their personal identification documents for a paltry sum ranging from N1,500 to N2,000. The stolen data is then sold to fintech companies for approximately N5,000. Subsequently, the fraudsters open multiple accounts using these identities, which facilitate investment scams and other fraudulent schemes involving cryptocurrency laundering.
The EFCC has taken significant steps by arresting suspects connected to this criminal network and is actively working to recover funds lost by victims. However, the commission emphasizes that citizens must exercise caution, avoid cooperation with such account donors, and report any suspicious promotional activities. The commission’s warning serves as a reminder that sharing sensitive information—no matter the allure of attractive deals—can expose individuals to severe financial loss and complicity in fraudulent activities that undermine Nigeria’s economy and national security.
