US citizens lost N7.56 billion to Nigerian fraudsters in 2011

Photo: wallpaperpimper.com

“The most vulnerable Americans are between the ages of 40 and 59 while women are three times more likely to be scammed than men.”

 

Nigerian fraudsters duped United States citizens of N7.56 billion ($50.4 million) in 2011 alone, a senior official of the U.S. consulate in Nigeria, Michael Bonner, has revealed.

Chief among the scams used by the fraudsters is the Advance Fee Fraud popularly called 419.

Speaking at a workshop in Lagos titled “The Dynamics of Cashless Economy and Emerging Methods in Financial Crimes for Investigators and Prosecutors,” Mr. Bonner said Americans lost over N855 thousand ($5,700) per hour to Nigerian scammers.

He said US authorities receive about 15 complaints per day from Americans scammed by these fraudsters; a daily total of N20.7 million ($138,000).

According to Mr. Bonner, the most vulnerable Americans are between the ages of 40 to 59 while women are three times more likely to be scammed than men.

Nigeria’s unenviable reputation as the hub of financial and online crimes is unrelenting. Last week global financial management firm, KPMG rated the country as the most fraudulent to do business in Africa. Despite claims by the government that it is fighting corruption, the firm blamed regulatory failure and a herculean legal process for failure to punish perpetrators.

Growing unemployment, officially put at over 40 per cent also means that majority of the population who are youth are easily drawn to (cyber) crimes.

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: To place a text-based advert here. Call Willie - +2347088095401


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.