Connect with us

E-Business

Nigeria Makes List of Top 10 Countries with Highest Cases of Internet Scams

Published

on

Kindly share this post

As the digital age progresses, internet scam have become a significant concern for individuals, businesses, and governments worldwide.

Nigeria Makes List of Top 10 Countries with Highest Cases of Internet Scams

While providing numerous opportunities for communication and commerce, the internet has also opened the door for fraudulent activities that exploit unsuspecting victims.

The prevalence of online scams has led to financial losses, psychological distress, and a general erosion of trust in digital transactions.

In this landscape, certain countries stand out for their vulnerability to internet scams due to various socio-economic and technological factors.

According to Sanction Scanner, these top 10 countries have the highest cases of internet fraud, in no particular order.

India

India has witnessed an alarming rise in internet scams, particularly in the realms of online shopping, tech support fraud, and lottery scams.

With over 600 million internet users, the country has become a fertile ground for cybercriminals.

India faces a severe cybercrime challenge, recording $7.93 million USD. in losses across 4,850 cases in 2023, according to the National Crime Records Bureau (NCRB). Digital financial frauds alone amounted to $14.86 million USD over the past three years.

The government has initiated several awareness campaigns, but the rapid growth of digital infrastructure continues to challenge law enforcement agencies to keep up with the evolving tactics of scammers.

Brazil

Brazil’s financial ecosystem has been significantly impacted by internet scams, especially banking trojan attacks that infiltrate user accounts and syphon off funds. Cybercriminals exploit vulnerabilities in online banking systems, leading to millions of dollars in losses annually.

Brazil’s fintech boom has attracted cybercriminals. In 2023, 1.8 million banking trojan infections were recorded, as reported by Kaspersky Lab.

The introduction of the Pix payment system has revolutionised financial transactions but exposed users to malware attacks, with eight of the top 13 trojans globally originating from Brazil.

As the digital banking sector expands, Brazilian authorities are working to implement stronger cybersecurity measures, but the cat-and-mouse game with scammers remains a constant struggle.

Pakistan

The landscape of internet fraud in Pakistan has been marked by a surge in suspicious transaction reports, indicating a growing problem with financial crimes, including money laundering.

Pakistan’s Financial Monitoring Unit (FMU) reported 32,072 suspicious transaction reports (STRs) in 2023.

Fraudulent activities involve money laundering and terrorist financing schemes, reflecting rising threats in both the financial and criminal sectors.

Despite government efforts to regulate and monitor online transactions, the lack of awareness among the populace often leads to individuals falling victim to these schemes.

This has created a pressing need for enhanced cybersecurity education and more robust regulatory frameworks.

South Africa

In South Africa, internet scams have manifested primarily through identity theft and online auction fraud.

The rise of social media platforms has provided scammers with new avenues to target victims.

Ranked 7th on the Global Criminality Index (2023), South Africa faces escalating identity theft and credit card fraud. Fraudulent loan applications and phishing attacks are widespread, exacerbated by vulnerabilities in online platforms and digital banking systems.

South African authorities have ramped up efforts to combat cyber fraud through public awareness campaigns and stricter regulations, yet the prevalence of scams continues to challenge consumers and businesses alike.

Morocco

Morocco faces a troubling rise in online scams, particularly those involving identity theft and fraud through social networks.

Many Moroccans lack awareness of the tactics employed by fraudsters, leading to increased victimisation.

Fraudulent activities are growing, with the Unit for the Processing of Financial Information (UTRF) monitoring suspicious transactions linked to money laundering and embezzlement.

The government is beginning to address these issues, but as the digital economy grows, so too does the need for comprehensive cybersecurity education and preventive measures.

Romania

Romania has emerged as a significant player in the realm of internet scams, characterised by complex networks of financial fraud, money laundering, and identity theft. While the country has made strides in improving its cybersecurity infrastructure, the sophistication of scams has outpaced regulatory efforts.

Romania’s vulnerability to business email compromise (BEC) scams and money laundering is significant. Europol reports highlight cases involving human trafficking and financial fraud.

Ongoing initiatives to combat these challenges are vital for restoring trust in Romania’s digital environment.

Nigeria

Known for its notorious “419” scams, Nigeria continues to battle a reputation fraught with issues related to cyber fraud.

Scammers often target individuals both locally and internationally, employing tactics that promise lucrative returns in exchange for upfront fees.

The Nigerian Financial Intelligence Unit struggles with enforcement due to institutional corruption. Educational initiatives aimed at raising awareness among citizens about online scams are critical to changing perceptions and reducing victimisation.

Venezuela

The dire economic situation in Venezuela has led to a surge in internet scams, including credit card fraud and various government-related schemes.

As citizens grapple with financial instability, scammers exploit their vulnerabilities, preying on desperate individuals seeking financial relief.

With frequent cases of identity theft, credit card fraud, and government-related corruption, narcotics trafficking exacerbates financial crimes, as the Unidad Nacional de Inteligencia Financiera (UNIF) works to monitor suspicious activities.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

NDPC Warns of Offshore Data Risks as 90 Percent of Country’s Data is Hosted Abroad

Published

on

Kindly share this post

Nigeria Data Protection Commission (NDPC) has raised concerns over data sovereignty, national security as well as loss of economic value, as over 90 per cent of Nigeria’s data is hosted abroad.

NDPC Warns of Offshore Data Risks as 90 Percent of Country’s Data is Hosted Abroad

Pic credit…247digitize.com

Vincent Olatunji, national commissioner/CEO, NDPC, stressed the importance of safeguarding Nigeria’s digital economy through strong data protection and privacy frameworks.

He spoke while while delivering a keynote address at the IoT West Africa Conference, where he stated that the trend poses significant risks to Nigeria’s control over its digital assets.

He further described the situation as precarious for the nation’s sovereignty, and called for urgent investment in local data infrastructure.

Olatunji, highlighted data sovereignty, the growing role of data centres, and regulatory expectations under the Nigeria Data Protection Act, 2023, noting both the benefits of compliance and the risks of non-compliance. Olatunji underscored that data centres are now critical infrastructure for Nigeria’s digital transformation.

While decrying that over 90 percent of the Nigeria’s data is hosted abroad which is precarious for the nation’s sovereignty he encouraged for more investment in the sector as it is projected to reach $1.9 billion by 2031.

Also speaking, Kashifu Inuwa, the director-general of the National Information Technology Development Agency (NITDA), said policy is emerging as the key driver of Nigeria’s digital transformation, particularly in shaping the development of the Lagos-Abuja digital corridor.

“While infrastructure responds to demand, policy creates the enabling environment for sustainable growth,”

Inuwa who was represented by Aristotle Onumo, director, stakeholders management and partnership at the IoT West Africa Conference in Lagos, on the theme “The Lagos-Abuja Digital Corridor: Building Africa’s Next Data Centre and Cloud Hub.”

Inuwa emphasised that while infrastructure responds to demand, policy remains the critical driver that creates an enabling environment for sustainable digital growth.

He explained that Nigeria’s broadband policy, which stipulates minimum speeds of 10 Mbps for rural areas and 25 Mbps for urban centres, provides a strategic framework for prioritising infrastructure deployment along the Lagos-Abuja digital corridor.

He cautioned, however, that without deliberate collaboration and partnership between government, the private sector, and civil society, widespread infrastructure rollout would remain challenging. “Collaboration is the pathway that massifies impact, while partnership harnesses collective intelligence. No one can achieve this in isolation,” he said.

Inuwa also spoke on the Nigerian Sovereign Cloud Project; a flagship initiative aimed at strengthening indigenous cloud service providers and preventing the dominance of Nigeria’s digital infrastructure by foreign hyperscale operators.

By scaling local infrastructure to meet global standards, the project seeks to domesticate data hosting, reduce operational costs, and improve access to cloud services across the country.


Kindly share this post
Continue Reading

E-Business

Opay Plans IPO in US, Targets $4Bn in Valuation

Published

on

Kindly share this post

Opay, a financial technology (fintech) firm, is working with Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. for an initial public offering (IPO).

Opay Plans IPO in US, Targets $4Bn in Valuation

According to a report by Bloomberg on Friday,  sources said the platform, backed by SoftBank Group Corp., is considering a listing in the United States and is targeting a valuation of about $4 billion.

They added that the company could proceed with the share sale later this year, although the timing and size of the offering are yet to be finalised.

Opay is one of Africa’s fastest-growing fintech firms, offering mobile payments, transfers, and other financial services across Nigeria.

Advertisement

The fintech company, Citi, Deutsche Bank, and JPMorgan have not publicly commented on the IPO plans.

Like Opay, Flutterwave, a major fintech company in Africa is planning an IPO.

 


Kindly share this post
Continue Reading

E-Business

How Nigerians Search is Changing — and Why it Matters for Our Businesses

Published

on

Kindly share this post

By Olumide Balogun

There was a time when using a search engine felt like cracking a code. You typed two or three carefully chosen keywords, hoped the machine understood, and waited to see what came back. People had to learn the language of machines, shrinking complex needs into stilted phrases.

How Nigerians search is changing — and why it matters for our businesses

Olumide Balogun, Director, West and East Africa at Google.

That era is ending. Today, a person can ask a question the same way they would ask a colleague, and the technology is finally learning to respond in kind. Nowhere is this shift more visible than in Nigeria, where a young, mobile-first population expects tools to keep pace with how they actually think and speak.

This change carries weight far beyond convenience. It is reshaping how Nigerian businesses reach customers and how customers find what they need.

For years, marketing online meant wrestling with rigid keyword lists. A small business owner had to guess every possible phrase a customer might type. If you sold ankara dresses, you tried “ankara dress,” “Nigerian print fabric,” “traditional wear Lagos,” and a dozen variations, hoping you covered the gaps. Anything you missed was a missed customer

The new wave of conversational search makes those lists feel ancient. People now ask layered, specific questions: “Where can I find a sustainable tailor in Yaba who makes office wear?” Older systems would have stumbled on a query like that. Newer ones, powered by artificial intelligence, can read intent and stitch ideas together. They connect a question to a relevant local website that a basic keyword search might never have surfaced.

The shift is starting to show up in concrete tools. Google’s AI Max for Search ads, now a year old, is one of the more visible examples. In plain terms, it lets a business describe what it sells and who it serves in everyday language, and the system figures out which searches to match it to, instead of forcing the owner to write hundreds of keywords by hand. Early adopters report stronger revenue growth than peers, and users say results feel more useful because the technology connects ideas for them, often surfacing local sites that would not have appeared before.

There is a quieter benefit too. When advertising becomes more relevant, it stops feeling like an interruption. An ad that answers a real question is no longer noise; it is information. That changes the texture of the internet. The marketplace gets less cluttered, and people spend less time wading through results that do not fit what they were looking for.

None of this is automatic. The technology only works if it can understand human nuance, and human nuance in Nigeria is not the same as human nuance in California. A search for “owambe outfit” or “small chops for fifty people” demands cultural context, not just linguistic translation. Newer features try to bridge that gap. AI Brief, a part of the same Google toolkit, lets a business owner type plain instructions, like “focus on sustainable traditional wear, keep a premium tone,” and the system follows them. This is steering by intent, not by keyword bingo.

There are gains for businesses with deep catalogues too. A retailer with thousands of items no longer has to match every question to the right page by hand. Tools such as Google’s Final URL Expansion read the search and send the customer straight to the page that fits, in real time. In travel, finance, and healthcare, where compliance matters, the same systems can carry mandatory legal text into every ad automatically. Regulated industries can grow without cutting corners.

These are not abstract wins. They are the difference between a small business being found by a customer in Abuja at 9 p.m. and being lost in a sea of generic results, between a hospital reaching the right patient and a tailor in Surulere being discovered by a bride planning her wedding.

We should not pretend the transition is finished. AI is imperfect. It can misread context, amplify mistakes, and require careful oversight. Regulators, businesses, and users all have a role in shaping how it develops in our market. The broader direction, however, is clear, and it is one Nigeria should engage with rather than resist.

Nigeria is a nation of storytellers and traders. Our markets, physical and digital, have always been about conversation. The technology of search is finally beginning to mirror that. It is becoming less of a vending machine and more of a market stall, where you can ask a question, get a real answer, and discover something you did not know you needed.

That is the bigger story behind any single product launch. It is about how a country full of voices is finding new ways to be heard. For Nigerian businesses willing to adapt, the opportunity has never been clearer.


Kindly share this post
Continue Reading

Trending