A stroke of the keyboard and click of the mouse: an anatomy of cyber frauds as a growing component of Illicit Financial Flows
Advances in digital technology have seen Nigerian conmen migrate their schemes to the cyber domain. With the advent of the COVID-19 pandemic these fraudsters have intensified their cyber attacks on vulnerable victims across the world. Through scams such as phony contracts, internet romance deception, and Business Email Compromise, Nigeria’s cyber criminals make billions of dollars every year at the cost of individuals and corporations.
With the enactment of anti-cybercrime laws, the Nigerian government hopes to stem the tide of these practices. The Central Bank of Nigeria, for its part, has issued risk-based cyber security guidelines to financial institutions to enable them better to protect their computer systems and networks from external infiltration. At the international level, law enforcement agencies in the U.A.E have taken steps to track Nigerian cybercriminals operating from their territory, while the FBI has ramped up investigation of cases affecting the U.S.
The author recommends that individuals and corporations put locks on their SIM cards and mobile devices, activate two-tier authentication for email and social media accounts, and routinely update their computer devices and software, to enhance their cyber security.
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