Nigerian Authorities Investigate Mass Identity Fraud Scheme Targeting Fintech Sector

Nigerian Authorities Investigate Mass Identity Fraud Scheme Targeting Fintech Sector

Nigerian authorities are investigating a widespread identity fraud scheme in the country’s fintech sector involving the sale of sensitive personal data. According to the Economic and Financial Crimes Commission (EFCC), more than 12,000 young Nigerians operating as “Account Suppliers” or “KYC Group” agents are participating in the scheme by convincing individuals to provide their biometric data in exchange for small payments. The scheme involves …

Nigeria Probes Massive ID Fraud Black Market Invading Fintech Sector

Nigeria’s bubbly fintech sector is under fresh scrutiny after the country’s anti-corruption agency uncovered a sprawling identity fraud scheme involving thousands of young Nigerians selling biometric data to digital finance platforms. According to the Economic and Financial Crimes Commission (EFCC), over 12,000 individuals are allegedly harvesting and reselling critical identity information—including Bank Verification Numbers (BVNs) and National…