Over 12,000 Youths Selling BVN, NIN to Fintech Companies, Says EFCC 

The Economic and Financial Crimes Commission (EFCC) has revealed that approximately 12,000 Nigerian youths are engaged in the illicit trade of personal data, including Bank Verification Numbers and National Identification Numbers, to certain fintech institutions for a sum of around N5,000.

This revelation was made public through a statement released by the Commission on Friday.

The EFCC underscored that this widespread fraud, currently under scrutiny, is perpetrated by the implicated youths.

The statement reads in part:

“It is crucial to disclose that this fraudulent scheme is predominantly orchestrated by a legion of young Nigerians who offer a meager payment of between N1,500 and N2,000 to their victims to persuade them to relinquish a copy of their personal information, which is then sold to fintech institutions for approximately N5,000.

“These individuals refer to themselves as ‘Account Suppliers’ or ‘KYC Group.’

“Information available to the Commission indicates that there are up to 12,000 individuals across the nation seeking account donors willing to surrender their NIN registration slip, BVN, passport photograph, and other forms of identification for a nominal fee.

“This information is subsequently utilized to open accounts with fintech companies for investment scams and various fraudulent activities.”

In a statement titled “Public Alert on New Fraudulent Promo Scam,” the Commission expressed grave concern over this emerging fraudulent scheme, newly refined by fraudsters to deceive Nigerians of their hard-earned money.

It deemed it vital to warn Nigerians to be cautious of ubiquitous foreign airlines’ ticketing discount promotions.

According to the EFCC, this scheme involves the use of malware to gain unauthorized access to the account information of unsuspecting victims.

“Teasers such as ‘Investment Windows’ and other lures are typically employed to coax victims into volunteering their account information, enabling fraudsters to execute transactions on their behalf by transferring funds to accounts primarily within fintech institutions.

“Through this access, fraudsters then manipulate and launder the funds via the purchase of cryptocurrencies,” the statement added.

A particular case highlighted by the EFCC involved a “Promo” offering the public a 50% discount on ticket purchases from a leading foreign airline. Victims were led to pay a token of N500 into the airline’s account, with the N500 payment disguised as a charity contribution, allegedly providing the fraudsters with an avenue to access victims’ personal information.

According to the Commission, victims were duped into downloading the airline’s app to qualify for the discount. However, after downloading the app and granting unauthorized access to their personal details, funds were transferred from the victim’s bank account into an account at an unnamed microfinance bank, the EFCC added.

The Commission further disclosed that several arrests have been made concerning these activities, while efforts to recover funds lost to fraudulent promo actors and account suppliers are ongoing. The public was urged to remain vigilant against these individuals, with the stern warning that under no circumstances should any Nigerian agree to become an Account Donor for any reason, as the EFCC considers this development a threat to national security.

The EFCC affirmed its dedication to safeguarding the nation’s financial domain in the collective interest of all Nigerians.