The recent arrest of Olawole Sunday involved in suspicious schemes underscores the scale of cybercrime in Nigeria and globally.
About the Arrest of Olawole Sunday
The Economic and Financial Crimes Commission (EFCC) in Benin arrested Olawole Sunday, suspected of cybercrime and purchasing bank details. Sunday was apprehended after an investigation revealed that he was using stolen bank details for fraud.
Methods of Fraud
According to the EFCC, Sunday encouraged young people to open multiple bank accounts, paying them between N25,000 and N50,000 for each account, then collected their details including ATM cards. He exploited the details of a victim, Uyi Godstime Eghosa, to defraud a petitioner out of N2 million under the guise of forex trading. Eghosa claimed he was unaware his information was utilized by a fraudster.
Cybercrime in Nigeria
Sunday's situation is just one of many cybercrime incidents highlighting the high prevalence of this issue not only in Nigeria but around the world. A recent EFCC report stated losses of about $500 million due to cybercrime in 2024. EFCC Chairman, Ola Olukoyede, noted that cybercrime has become the third largest crime globally, with approximately 2,328 cases occurring daily.
The rising incidence of cybercrime calls for active community participation in countering fraud. EFCC continues to implement measures to combat this threat.
