Greed Makes You a Target for Ponzi Schemes, warns EFCC

The Economic and Financial Crimes Commission (EFCC) has warned Nigerians that greed is a major factor making many vulnerable to Ponzi schemes and other fraudulent investment platforms.

In a statement issued on Friday, the Commission expressed concern over the rising cases of citizens falling victim to scams that promise unrealistic returns. According to the EFCC, many fraudsters prey on people’s desire for quick and effortless wealth.

“Many Nigerians become victims because of their own greed. They are attracted to promises of huge profits with little or no risk, without carrying out proper background checks,” the EFCC said.

The Commission revealed that reports of Ponzi scheme activities have surged by over 20% in the past year, despite numerous public warnings and awareness campaigns. It urged Nigerians to be more cautious and critical when approached with investment opportunities that seem too good to be true.

The EFCC also reminded the public that genuine investments carry risks and that no legitimate business can guarantee outrageous profits overnight. Nigerians were advised to verify any investment platforms through appropriate regulatory bodies before committing their money.

“If it sounds too good to be true, it probably is,” the EFCC warned, emphasizing the need for vigilance.

The Commission assured the public that it would continue to pursue and prosecute operators of Ponzi schemes, while also intensifying efforts to educate citizens against falling victim to financial crimes.