Cybersecurity Expert Warns of Rising Online Scams in Nigeria

Mathew Olatunji, a cybersecurity expert, highlights the growing issue of online scams in Nigeria, attributing it to individuals sharing excessive personal information. He cites a case involving a 24-year-old student, Clair, who lost 120,000 Naira to a scammer posing as a legitimate seller on Instagram.

Cybercrime in Nigeria is escalating, with significant financial losses reported, amounting to hundreds of millions of dollars annually. Olatunji explains that scammers exploit human emotions, often pressuring victims to act quickly on fraudulent offers.

He emphasizes the need for individuals, especially small businesses, to be cautious when sharing sensitive information online and to monitor their bank accounts for suspicious transactions. While Nigerian banks and fintech companies have improved security measures, including multi-factor authentication and advanced fraud detection systems, Olatunji stresses the importance of staying vigilant.

He advises victims to report incidents to banks and law enforcement agencies like the EFCC and calls for increased public awareness and cooperation among government security agencies to combat cybercrime.