Police Urges Nigerians to Verify Investment Offers, Warns Against AI-Driven Cyber Fraud

The Nigeria Police Force has urged Nigerians to exercise caution when making online investments or payments, warning that cybercriminals are increasingly using sophisticated methods to deceive unsuspecting victims.

Assistant Director, Nigeria Police Cybercrime Unit, Bashir Abdullahi, gave the warning while speaking with journalists on Wednesday in Abuja after a panel session at the 19th Chartered Institute of Bankers of Nigeria (CIBN) conference.

The session was titled, “Navigating Cybersecurity Risks in the AI-Driven Future of Banking: Implications for Financial Stability and Business Resilience.”

Abdullahi said the police had recorded numerous cases of fraud involving what is popularly known as “automatic push payment” fraud, where victims are manipulated into believing that they are making legitimate transactions.

He explained that the fraud could take different forms, including fake investment opportunities and social engineering schemes designed to gain the confidence of victims.

According to him, fraudsters often present victims with bank accounts belonging to individuals operating under synthetic or stolen identities, making it difficult for unsuspecting members of the public to detect the scam.

He urged Nigerians to conduct proper background checks before investing or transferring money to individuals or organisations offering seemingly attractive opportunities.

“Anything that looks too good, then you have to be very careful. Let them carry out a background check. Let them investigate,” he advised.

Abdullahi said a simple online search could help potential investors establish whether an investment platform or offer was genuine or fraudulent.

He urged Nigerians to use search engines to verify suspicious investment schemes and other online offers before committing their money.

The police officer also cautioned members of the public to be wary of the identities and profiles presented by individuals online, stressing the need to look beyond appearances and conduct proper verification.

On artificial intelligence, Abdullahi said Nigerians should not be afraid of the technology but should instead acquire the knowledge and skills required to use it safely.

He called for stronger AI governance and greater public awareness to address emerging risks associated with the technology, particularly in the financial sector.

He further advocated the integration of AI-powered fraud detection systems into banking platforms to help identify suspicious transactions and reduce cyber-enabled financial crimes.

Abdullahi also advised bank customers to remain vigilant when receiving calls or messages purportedly from their banks and to properly verify such communications before disclosing sensitive information or carrying out transactions.

He said effective collaboration among law enforcement agencies, financial institutions, technology providers and the private sector remained critical to reducing cybercrime in Nigeria.

According to him, sustained cooperation among the police, other law enforcement agencies, banks, technology companies and other stakeholders would strengthen the country’s response to cybercrime.

“Collaboration by all the industry actors—police, law enforcement generally, the banking sector, tech providers and the private sector—is key to addressing this problem,” he said.

He added that with stronger collaboration among stakeholders, cybercrime and other forms of financial fraud could be significantly reduced.