Regulatory Alerts2022-11-24
Added · Updated
Advisory on Geographical Trend Analysis - Internet Fraud
The Nigerian Financial Intelligence Unit publishes an advisory analyzing suspicious transaction reports from 2019 to 2021 to identify trends in internet fraud, specifically highlighting romance scams and ransomware attacks. The document details geographic concentrations of fraud, noting that Lagos and Delta States in Nigeria are primary origin points, while the USA and Europe are key receiving jurisdictions. It provides specific red flags and indicators for reporting entities and law enforcement to detect illicit transactions, such as unexplained foreign currency inflows and lack of economic justification. The advisory also outlines demographic patterns, identifying individuals aged 0-29 as prevalent perpetrators and those aged 50-59 as common victims.