EFCC Uncovers Large-Scale Fraud Scheme Involving Stolen Data and Fintech Companies in Nigeria
- The EFCC exposed a fraud operation where fintech companies buy stolen personal and biometric data.
- Over 12,000 individuals are involved in gathering sensitive information from unsuspecting citizens.
- The operation combines data harvesting and malware to defraud Nigerians.
The EFCC's findings highlight a critical vulnerability in the KYC processes of Nigeria's fintech sector, raising serious concerns about data security and regulatory compliance. This situation not only threatens individual citizens but also undermines the trust and growth potential of the fintech industry, which is crucial for financial inclusion in Nigeria. A robust response from regulatory bodies is essential to restore confidence and protect the financial ecosystem.
