The Economic and Financial Crimes Commission EFCC has uncovered a massive fraud scheme involving approximately 12,000 Nigerian youths who are allegedly selling personal identity detailsincluding Bank Verification Numbers BVNs and National Identification Numbers NINsto fintech companies for as little as ?5,000.
This disclosure was made in a statement issued by the Commission on Friday, warning of a growing syndicate of young Nigerians exploiting citizens personal data to perpetuate online fraud.
According to the EFCC, the perpetrators offer unsuspecting individuals as little as ?1,500 to ?2,000 in exchange for sensitive identity documents, including NIN registration slips, BVNs, passport photographs, and other forms of identification. The data is then sold to fintech platforms for around ?5,000 and used to open accounts that facilitate investment scams and other fraudulent financial activities.
These canvassers call themselves Account Suppliers or KYC Group, the Commission stated. They operate nationwide, targeting people willing to part with their information for a small fee.
The EFCC said the fraudulent accounts created using these credentials are used to bypass Know-Your-Customer KYC protocols on fintech platforms, effectively turning them into tools for laundering proceeds from internet fraud and other cybercrimes.
