Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) has revealed that with crypto growth, there had been an upsurge in financial fraud and crypto crime in Nigeria.

Data by the agency reveals gift cards, at 39 percent, as the prevalent method employed by the suspects to access their illicit funds. It is followed by bank transfers at 27 percent and cryptocurrency at 21 percent.

EFCC chairman, Abdulrasheed Bawa revealed that arrested suspects in the custody of the agency preferred Bitcoin and Ethereum as their favorite means of exchange. The agency revealed a total of $12,512.49USD has been recovered from the e-wallet accounts of four suspects.

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Bawa called for a global collaborative effort to tackle crypto and financial crimes noting that victims of crypto scams suffer globally, either directly or indirectly; hence global regulators need to come together to ensure that perpetrators of the crime pay dearly for their crimes and not victims.

EFCC laments crypto growth is a global threat

The EFCC chairman lamented how crypto growth has been a problem for the African nation.

According to the Anti-graft boss, crypto growth poses a far greater danger to the world economy and not only the Nigerian economy.

Towards putting a stop to the threat crypto brings, Bawa says that there is a need for a collective and collaborative approach by authorities worldwide.

Bawa stated that there has to be a collaborative effort to end crypto crimes. He notes that the crimes affect the vital structures of global economies, causing significant damage to the global financial system and depriving developing nations of the needed resources for sustainable development.

He made the remark recently at a symposium organized by the Centre for International Documentation on Organized and Economic Crime (CIDOEC). The meeting was to discuss the cost of economic crimes and who should foot this bill.

Bawa also warned that developed countries are not immune from a scourge that has been magnified by the proliferation of cyber-crimes which he says “threatens the stability of global financial institutions.”

A lot of Nigerian scammers are into the business of duping people abroad remotely through the internet. Fake love scams, compromised email, spoofing, hacking among others are ways they dupe victims most of whom are based abroad.

They dupe for cryptocurrencies, gift cards and even fiat currencies. It is in wake of this the EFCC chairman has called for a global effort to combat the crisis as perpetrators and victims of such crimes are scattered around the globe.