ESET Responds To EFCC’s Arrest Of 792 Cryptocurrency Fraud Suspects In Lagos
ESET, a global digital security firm, has weighed in on the rising threat of online scams following a major crackdown by Nigeria’s Economic and Financial Crimes Commission (EFCC).
Earlier this week, the EFCC raided the Big Leaf Building in Lagos, identified as a hub for fraudulent financial activities, arresting 792 individuals. Among those apprehended were 148 Chinese and 40 Filipino nationals, suspected to be part of an extensive global fraud network.
According to the EFCC, the suspects were allegedly involved in complex scams targeting victims through fraudulent romance offers and cryptocurrency investment schemes. The Big Leaf Building reportedly operated as a call centre, with Nigerian accomplices initiating phishing campaigns while foreign nationals managed the deceptive operations, coercing victims—primarily from the Americas and Europe—into transferring funds.
During the raid, authorities seized computers, mobile phones, and vehicles. The EFCC is now collaborating with international law enforcement agencies to investigate links to larger organised crime syndicates.
Reacting to the development, ESET’s Managing Director for West Africa, Mr. Olufemi Ake, highlighted the sophisticated tactics employed by online scammers. He noted that fraudsters often exploit dating sites and social media platforms to create false identities, making their schemes harder to detect.
“These criminals use psychological manipulation and advanced AI tools to build trust with their victims, complicating detection efforts,” Ake explained.
He further revealed that many Nigerian suspects were unaware of the true identity of their employers, as they lacked formal letters of appointment or payments from corporate accounts. This underscores the need for employees to scrutinise their employers’ operations to avoid inadvertently participating in fraudulent schemes.
Ake advised individuals to remain vigilant, particularly when encountering unsolicited investment opportunities, especially those involving cryptocurrencies. He urged the public to verify identities through trusted channels, equip devices with up-to-date cybersecurity applications, and maintain skepticism toward offers that appear too good to be true.
“As online criminals become more skilled at exploiting digital platforms, it is crucial for everyone to stay informed and cautious to protect themselves from falling victim to these increasingly sophisticated fraud tactics,” Ake concluded.
The EFCC’s operation marks a significant step in combating the growing threat of online fraud and underscores the importance of cross-border collaboration in addressing transnational criminal activities.
