EFCC uncovers syndicate ‘selling’ BVNs, NINs to fintechs for N5,000

The Economic and Financial Crimes Commission (EFCC) has raised alarm over a disturbing trend involving thousands of Nigerian youths selling sensitive personal data such as Bank Verification Numbers (BVNs) and National Identity Numbers (NINs)—to certain fintech platforms for as little as N5,000.

In a public statement issued on Friday, the Commission revealed that approximately 12,000 individuals across Nigeria are implicated in this emerging cyber fraud network, which is currently under investigation.

“It is important to disclose that this fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1500 and N2000 to their victims to make them surrender a copy of their personal information details to them and sell the same information to some Fintech Institutions for about N5000,” the EFCC stated.

The culprits, who refer to themselves as “Account Suppliers” or “KYC Group”, reportedly target account donors willing to hand over their NIN slips, BVNs, passport photographs, and other forms of identification.

“Information available to the Commission revealed that the actors are up to 12,000 all over the country seeking account donors that will surrender their NIN registration slip, BVN, passport photograph and other means of identification for a little fee,” the statement added.“This information are then used to open accounts with Fintech companies for investment scam and sundry fraudulent schemes.”

The EFCC issued the warning as part of a public notice titled “Public Alert on New Fraudulent Promo Scam”, which highlights rising concerns over fraudulent schemes disguised as promotional offers.

The Commission described a specific tactic where victims are enticed with bogus “investment windows” or fake airline ticket discounts. These offers often involve convincing users to download malware-infected apps or disclose account information under the guise of charity donations.

“Teasers like ‘Investment Windows’ and other baits are usually employed to make their victims volunteer their account information through which fraudsters execute transactions on their behalf by sending their funds to accounts mainly in Fintech Institutions,” the Commission said.“Through this access, fraudsters then control and launder the funds through purchase of crypto currencies.”

One case cited involved a fraudulent airline promo promising 50% off tickets. Victims were instructed to pay a N500 “charity fee” to qualify, only for the scammers to gain full access to their bank details via a malicious app download.

According to the EFCC, “after downloading the App and gaining unauthorized access to their personal details, funds were moved from the victim’s bank account into an account in an unnamed Microfinance Bank.”

The Commission confirmed that arrests have already been made in connection to these cases, and efforts are ongoing to recover stolen funds.

In its advisory, the EFCC cautioned Nigerians never to participate in such schemes or act as account donors under any circumstance, warning that the trend poses a significant threat to national security.

The agency reaffirmed its commitment to protecting Nigeria’s financial infrastructure, urging the public to remain vigilant and report suspicious activity.