NITDA exposes ‘strategies’ cybercriminals use in transferring money from victim’s bank accounts

The National Information Technology Development Agency, NITDA, has exposed how cybercriminals are using social media to defraud Nigerians.

NITDA disclosed that cybercriminals use, “social engineering, phishing mails” among others to defraud Nigerians.

In a statement issued by its Director General, Isa Ali Ibrahim Pantami, NITDA disclosed that the criminals now carry out, “SIM Swap”

NITDA explained that SIM Swap was a situation where a victim’s SIM card was swapped; “an operation that makes the victim’s phone inaccessible while funds are transferred.”

The body also disclosed that cybercriminals also send “text messages pretending to be sent from banks, requesting for PIN or revalidation of BVN numbers.”

The statement reads partly: “There has been a tremendous increase in the number of incidences where Nigerians have lost money and data through vulnerabilities arising from lack of knowledge on how to manage their online presence and personal details. The cybercriminals use social engineering, phishing mails, and probably specific to Nigeria, the use of text messages pretending to be sent from banks, requesting for PIN or revalidation of BVN numbers.

“To the unaware, such are the sources where vital information needed for making unauthorized withdrawals from victims’ bank accounts occur. A more worrisome and recent trend is the SIM Swap cases, where the victim’s SIM card is swapped; an operation that makes the victim’s phone inaccessible while funds are transferred.

“Knowing that everyone that uses ICT devices is vulnerable, these workshops target executives of registered associations and groups, with the ultimate aim to reach their members. We have also deployed effective conventional channels and social media in conveying the stay-safe message.

“The workshops use presentations and interactive demonstration of trending concepts like SMS, SIM swap, malware, phishing, social engineering and its manifestations, to disseminate the stay-safe tips. To further ensure that attendees assimilate the message succinctly, the contents are translated into the most predominant language of the zone.” - DAILY POST