- Nigerians have fallen victim to scammers who target them using online payment apps and have not had their money returned
- Online scammers, popularly called Yahoo boys have mastered methods of hacking or breaking into payment platforms to steal people’s money
- Using tips like enabling face recognition, fingerprints, two-factor authentication on mobile phones can reduces the risk of falling prey to scammers
The activities of cyber criminals popularly called Yahoo boys have increased in Nigeria recently.
Their targets are not just high net worth persons who are based overseas but local people irrespective of status.
Many Nigerians are more likely to send money to friends and acquaintances using a payment on the smartphone than write a cheque these days.
Credit: Mixmike
Source: Getty Images
Pandemic-enabled scams?
Sending money via a payment platform is convenient and easy and for many, the method may reduce the hassles of having to enter the banking halls especially during this period of the COVID-19 pandemic.
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The major problem remains fraud perpetrated by criminals who have mastered sophisticated methods of scamming unwary people.
Experts say fraud rates among mobile payment apps are three to four times higher than traditional…
