Young Nigerians selling BVN, NIN, others to fintechs for fraudulent activities — EFCC.
The Economic and Financial Crimes Commission (EFCC) has revealed an extensive cyberfraud scheme involving over 12,000 young Nigerians allegedly engaged in selling sensitive biometric information—including Bank Verification Numbers (BVN), National Identity Numbers (NIN), and passport photographs—to fintech companies for illegal financial activities.
In a statement released on Friday, the Commission described the actors as self-styled “Account Suppliers” or “KYC Group” agents operating in all corners of the country. According to EFCC investigators, the fraudsters lure unsuspecting Nigerians with payments ranging between ₦1,500 and ₦2,000 to part with their personal data. These details are subsequently sold to digital finance platforms for as much as ₦5,000 per individual.
“These canvassers,” the EFCC noted, “are up to 12,000 all over the country seeking account donors that will surrender their NIN registration slip, BVN, passport photograph and other means of identification for a little fee.”
The data acquired through this process is reportedly used to open bank accounts with fintech firms, which are then exploited for various scams—including investment frauds and laundering operations using cryptocurrencies.
The Commission warned that the surge in such fraudulent activity poses a national security risk. “This fraud scheme is largely driven by an army of young Nigerians… The EFCC views the development as a threat to national security,” the statement read.
The EFCC also raised concerns over a new method fraudsters are using to access victim accounts, particularly through deceptive “promo scams” involving airline ticket discounts. One flagged operation included a fake offer of 50% off ticket prices from a foreign airline, which required victims to make a ₦500 ‘charity’ payment and download the airline’s app. This process reportedly gave malware-enabled access to victims’ banking details, leading to unauthorized transfers into accounts controlled by fraudsters.
“These teasers, like ‘Investment Windows’, are usually employed to make their victims volunteer their account information,” the EFCC stated. “Fraudsters then execute transactions on their behalf by sending their funds to accounts mainly in fintech institutions… Through this access, they control and launder the funds through purchase of cryptocurrencies.”
The Commission confirmed that arrests have been made, and recovery efforts are underway to retrieve funds lost to these schemes. In its concluding remarks, the EFCC urged Nigerians to refrain from acting as “Account Donors” under any guise, warning that such cooperation enables criminal networks and endangers the integrity of the financial system.
“The Commission is committed to safeguarding the financial space of the nation in the overall interests of all Nigerians,” it stated.
Young Nigerians selling BVN, NIN, others to fintechs for fraudulent activities — EFCC.
The Economic and Financial Crimes Commission (EFCC) has revealed an extensive cyberfraud scheme involving over 12,000 young Nigerians allegedly engaged in selling sensitive biometric information—including Bank Verification Numbers (BVN), National Identity Numbers (NIN), and passport photographs—to fintech companies for illegal financial activities.
In a statement released on Friday, the Commission described the actors as self-styled “Account Suppliers” or “KYC Group” agents operating in all corners of the country. According to EFCC investigators, the fraudsters lure unsuspecting Nigerians with payments ranging between ₦1,500 and ₦2,000 to part with their personal data. These details are subsequently sold to digital finance platforms for as much as ₦5,000 per individual.
“These canvassers,” the EFCC noted, “are up to 12,000 all over the country seeking account donors that will surrender their NIN registration slip, BVN, passport photograph and other means of identification for a little fee.”
The data acquired through this process is reportedly used to open bank accounts with fintech firms, which are then exploited for various scams—including investment frauds and laundering operations using cryptocurrencies.
The Commission warned that the surge in such fraudulent activity poses a national security risk. “This fraud scheme is largely driven by an army of young Nigerians… The EFCC views the development as a threat to national security,” the statement read.
The EFCC also raised concerns over a new method fraudsters are using to access victim accounts, particularly through deceptive “promo scams” involving airline ticket discounts. One flagged operation included a fake offer of 50% off ticket prices from a foreign airline, which required victims to make a ₦500 ‘charity’ payment and download the airline’s app. This process reportedly gave malware-enabled access to victims’ banking details, leading to unauthorized transfers into accounts controlled by fraudsters.
“These teasers, like ‘Investment Windows’, are usually employed to make their victims volunteer their account information,” the EFCC stated. “Fraudsters then execute transactions on their behalf by sending their funds to accounts mainly in fintech institutions… Through this access, they control and launder the funds through purchase of cryptocurrencies.”
The Commission confirmed that arrests have been made, and recovery efforts are underway to retrieve funds lost to these schemes. In its concluding remarks, the EFCC urged Nigerians to refrain from acting as “Account Donors” under any guise, warning that such cooperation enables criminal networks and endangers the integrity of the financial system.
“The Commission is committed to safeguarding the financial space of the nation in the overall interests of all Nigerians,” it stated.
