By Atunlute Isaac
Imagine waking up to an empty bank account—your hard-earned money gone in an instant. The nauseating realisation sets in: you’ve been scammed. Scammers are getting smarter, and their schemes are more sophisticated than ever. In Nigeria alone, fraud cases surged by over 100% in just four years, reaching a staggering 95,620 cases in 2023.
From fake investment schemes to fraudulent bank notifications disguised as phishing emails, scams are everywhere. Protect yourself by recognising the red flags before you lose a single penny. Here’s how to identify a scam before it blindsides you.
If It Sounds Too Good to Be True, It’s a Scam
Ever received a supposedly random message that you won a lottery you’d never purchased? Or a call with guaranteed sky-high investment returns with zero risk? Scammers thrive on too-good-to-be-true promises to lure their victims in. If it sounds unbelievable, it’s probably a scam.
🚨 Red Flags:
✔ “Get rich quick” offers with guaranteed insane profits
✔ Emails or calls claiming you’ve won a prize but need to pay a “small fee” first
What to do: If something sounds unbelievably good, Google it. Scammers use the same tricks repeatedly, and a quick search will likely expose them.
Urgency = Manipulation
Scammers pressure you to act fast so you don’t have time to think. They’ll claim your bank account is at risk, your identity has been stolen, or an offer is about to expire. The goal? To make you panic and comply without questioning
🚨Red flag:
✔ “Act fast, or your account will be frozen!”
✔ “Limited offers only a few spots remaining!”
✔ “You must act now!”
What to do: Pause and think. Legitimate businesses and government agencies won’t pressure you into making hasty decisions. If someone is making you rush into a decision, walk away.
Scammers Play the Authority Card
Do you question a call from your bank? Scammers exploit this trust by impersonating officials to intimidate you into compliance
🚨Red Flags:
✔ Someone claiming to be a “bank representative” calls you and asks you for your PIN or password.
What to do: Hang up. No authorised government agency or legitimate company will ever call you demanding sensitive information or immediate payment.
Emotional Manipulation
Scammers prey on emotions. Whether it’s a fake online romance or a fraudster impersonating a distressed family member, they use your feelings against you.
🚨Red Flags:
✔ A “new love interest” you just met online asks for money in an emergency.
✔ A “friend” calls you with a new number, stating they lost their phone and need cash.
What to do: Check first. Call the real person with a number you know. If it is a romance scam, remember: love isn’t for sale.
Fast Scam Prevention Checklist:
- Take a moment before you act—don’t let urgency cloud your judgement.
- Never send money to strangers or unverified sources.
- Keep personal information private—never share passwords, PINs, or banking details.
- Trust your instincts—if something feels off, it probably is.
- Staying informed is your best defence. Scammers evolve, but with awareness and caution, you can keep your wallet—and your peace of mind—safe
Fraud cases in Nigeria have surged by over 100% in four years, reaching 95,620 reported incidents in 2023. Scams come in many forms, including fake investment schemes and phishing emails, making it essential to recognize red flags to avoid falling victim. If an offer sounds too good to be true, such as guaranteed profits or lottery wins without entry, it is likely a scam. Scammers often use urgency, claiming your account is at risk or an offer is expiring, to push you into making hasty decisions.
They may also impersonate authorities, asking for sensitive information, or manipulate emotions, posing as a distressed family member or a romantic interest. To protect yourself, pause and verify claims, never send money to unverified sources, keep personal information private, and trust your instincts if something feels off. Stay informed as scammers constantly evolve, ensuring your awareness and caution help maintain both your financial security and peace of mind.
