Internet fraud has long been an issue in Nigeria but in recent times, the operations of internet fraudsters known as “yahoo boys” have become more sophisticated and brash. Numerous factors have contributed to the rise of the “yahoo boys” business, one of which is the nation’s economic state, which has made it difficult for young people to find legitimate jobs. Let’s look at the labour market: Every year, over 8,000 students graduate, and the government does nothing to address the situation, which has led to a rise in the number of young Nigerians who commit fraud. The cost of living has risen to the point where basic food supplies are now out of reach for the average person who is struggling to make ends meet.
Some young people in Nigeria are now proud to admit that they are participating in cybercrime. Numerous Yahoo lads have established networks, exchanging knowledge and strategies with one another. They have begun establishing “academics” or “HK” to instruct new recruits in the methods and strategies of fraud operations. Because the con artists are continually modifying their strategies, it has become more difficult for law-enforcement authorities to crack down on the swindle. A man was shown sobbing and lamenting on social media about how he had fallen victim to an online scam that quickly rendered him impoverished by taking large sums of money out of his bank account and forcing him to pay debts to the US government.
To locate their victims, Yahoo lads, frequently use dating apps and social media. They will then pretend to be romantically engaged in their targets in order to establish a rapport and win their trust. They will beg for money for a variety of reasons, such as medical bills or trip expenses, and if they have their trust, they may even use emotional blackmail to coerce their victims into giving money. The DDA, IRS, wire transfer, cashier’s cheque, IDME, and more updates are all part of a vicious and callous hoax.
There are many instances of these fraudulent activities. One such example is phishing, which involves sending phoney emails or messages that look to be from a reliable source, like a bank notification (spamming through inbox messages). The victims are then asked to divulge sensitive information, like login passwords or financial information using the grant or employment structure format.
According to Akinola Tobiloba, a 400-level public administration student at Prince Abubakar Audu University in Kogi State. He expressed his displeasure with the fraudulent actions occurring throughout the nation. According to him, con artists are now so good at impersonating merchants on websites that host online auctions and promising to sell goods that they have become a global epidemic.
Steven_ben, a graduate student from the Department of Electrical Engineering (Kogi State Polytechnic). He focused a lot of attention on credit card fraud, which is currently the most common form of fraud committed worldwide. Identity thieves use credit card information that has been stolen to make fraudulent purchases or to create false credit cards by obtaining online access credentials from their victims, including the front and back of the credit card and their social security number (SSN). Available banks include PNC, Wells Fargo, Arvest Bank, Fulton Bank, Bank of America BOA, and others. Here, scammers are referred to as “Loader.”
According to Nicholas from Mass Communication Department, he stated that, yahoo boys conduct romance scams, often known as “dating,” in which Yahoo Boys pose as potential love interests on dating services such as Facebook, Zangi, Google Chat, Wewe, Michat, Sweet Meet, tagged, Bigo Live, and Telegram. They then establish phoney relationships to dupe victims into transferring money or giving personal information.
Olanipekun Olukoyede, the chairman of the Nigerian Economic and Financial Crimes Commission, expressed the opinion that, despite the severity of the crisis, Nigerian young can be saved if the country’s economy is revitalised. With wise investment and policy, the dying industries—such as the textile and automotive sector must be brought back to life. Nigeria is a fortunate nation with an abundance of mineral resources that can bring in money for the nation.
I’m not supporting crime anyway, but if we cannot solve the root cause, we are just beating a dead horse. The Nigerian government should encourage the youth to go into business with loans, tax incentives and funding as it is done in China and elsewhere.
Olawoye Ezekiel Gbenga is 300 Level student of the Department of Mass communication, Prince Abubakar Audu University, Ayingba, Kogi State.
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