Connect with us

Business & Finance

Money lost to cryptocurrency fraud increases by 30% in 2021

Published

on

Police figures show that the amount of money reported lost to cryptocurrency fraud in 2021 so far is already nearly 30 per cent higher than that for the whole of 2020.

According to the figures, some 146.2 million pounds (200.7 million dollars) had been lost to cryptocurrency fraud since the start of this year, Action Fraud figures show.

The average loss per victim was just over 20,500 pounds, with 18 years to 25-year-olds accounting for 11 per cent of reports.

More than half of the victims were aged between 18 and 45.

People will often be promised high returns by criminals on social media.

Bogus celebrity endorsements are a tactic often used by criminals advertising fake investment opportunities, including cryptocurrency.

YOU MAY ALSO LIKE:   Truck crushes one to death on Lagos-Abeokuta expressway

Often, fake testimonials are accompanied with a picture of a well-known figure to help the investment seems legitimate.

Between April 2020 and March 2021, Action Fraud received 558 investment fraud reports which made reference to a bogus celebrity endorsement with 79 per cent of reports mentioning cryptocurrency as the commodity they invested in.

Temporary Detective and Chief Inspector Craig Mullish from City of London Police said, `Reports of cryptocurrency fraud has increased significantly over the past few years, which is unsurprising given everyone is spending more time online.

“We would encourage anyone thinking about making an investment to do their research first and to stop and think before making an investment as it could protect you and your money.’’

YOU MAY ALSO LIKE:   FG announces extension of free rail services for citizens

Many firms advertising and selling investments in crypto assets were not authorised by the Financial Conduct Authority (FCA).

This means that if someone invests in certain crypto assets, they will not have access to the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) if something goes wrong.

Mullish, however, advised people to check the FCA register to make sure they were dealing with an authorised firm and check the FCA’s warning list of firms to avoid. (dpa/NAN)

Share With A Friend
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Economy

Budget controversy: Senate attacks PDP, Yar’Adua replaces Ningi

Published

on

Budget controversy: Senate attacks PDP, Yar’Adua replaces Ningi

The Spokesman for the Senate, Yemi Adaramodu, has berated the Peoples Democratic Party for calling for the resignation of the Senate President, Senator GodsWill Akpabio, over the unfounded claim ofN3.7tn budget padding.

The budget padding allegation was raised by the PDP senator representing Bauchi Central, Senator Abdul Ningi.

Ningi, in a media interview, claimed that while the budget passed by the National Assembly for the 2024 fiscal year was N25tn, the one being executed by the Presidency was N28.7tn.

However, at the plenary on Tuesday, the Senate took Ningi on to defend the allegation, at the end of which he was slammed with a three-month suspension for damaging the image of the Red Chamber over what senators decided was an unfounded allegation.

On Wednesday, the PDP knocked Ningi’s suspension, calling on Akpabio to resign as Senate President to pave the way for an independent investigation into the budget padding allegation.

“The Peoples Democratic Party demands that the Senate President, Senator Godswill Akpabio, immediately step aside and allow for an independent investigation into the allegation that a staggering N3.7tn was discreetly inserted into the 2024 budget for alleged non-existent projects.

YOU MAY ALSO LIKE:   Navy seizes boat with 800 jerrycans of petrol

“The party also demands that Senator Akpabio immediately reports to the Economic and Financial Crimes Commission over the pending case of alleged looting of N108bn belonging to the people of Akwa Ibom State under his watch as the governor of the state,” the PDP said in a statement by its spokesman, Debo Ologunagba.

However, reacting on Thursday, the Chairman of, the Senate Committee on Media and Public Affairs, Adaramodu, knocked the PDP.

He said, “The PDP has elevated chicanery to statecraft and fatally failed in their sordid attempt to hoodwink the unsuspecting public, on the ineffectual but spurious allegations of budget padding.

“The party’s ludicrous call for the resignation of Senator Godswill Akpabio as the Senate President is unthinkable and shows the party as a massaging balm for falsehood and immoral legislative outbursts.

Adaramosu stressed that Akpabio would not resign.

Meanwhile, All Progressives Congress Senator Abdulaziz Yar’Adua representing  Katsina Central has replaced Ningi as the Chairman of the Northern Senators’ Forum.

Ningi immediately resigned from the position following his suspension by the Senate.

Yar’Adua ‘s emergence as the new Chairman of the NSF was a sequel to unanimous endorsement to that effect by senators across the three geo-political zones in the North.

YOU MAY ALSO LIKE:   ₦37.1bn fraud: Why I didn’t honour EFCC’s invitation — Ex-minister

The Northern Senators also appointed Senator Mohammed Monguno (APC, Borno North) as Publicity Secretary of the forum, a position held by Senator Summaila Kawu (NNPP Kano South) when Ningi was the chairman.

It is unclear if Kawu resigned too or if he was impeached following the crisis at the Red Chamber on Tuesday.

Addressing the press after he emerges as the New Chairman of NSF,  Yar’Adua said the major objective of the Northern Forum was to promote the interest of Nigeria first followed by the development of the North through collaboration with their counterparts from the South and cooperating with the executive arm of government to ensure that the challenges of the region were attended to.

Yar’Adua said,

“We Shall, therefore, work in consultation with our distinguished colleagues to preserve the unity and progress of our dear nation.

“In advancing these noble objectives, I am committed to streamlined activities within the Northern Senators Forum.

“We shall operate with transparency, accountability, and integrity, upholding the trust placed on us by the electorate.“

Share With A Friend
Continue Reading

Business & Finance

Cable cuts: Operators working to restore connectivity, says NCC

Published

on

Cable cuts: Operators working to restore connectivity, says NCC

The Nigeria Communications Commission has confirmed that several African internet service providers faced outages due to submarine cable cuts, with cable operators actively engaged in efforts to restore connectivity.

The telecom regulator made this disclosure in a statement signed by the Director, Public Affairs, Reuben Muoka, on Thursday.

The NCC identified affected operators to include West African Cable System and African Coast to Europe, along with SAT3 and MainOne, which experienced downtime.

The regulator attributed the disruptions to incidents in Cote d’Ivoire and Senegal, resulting in subsequent disruptions in Portugal.

The commission noted similar challenges along other undersea cable routes, such as Seacom, Europe India Gateway, and Asia-Africa-Europe 1, which also experienced cuts.

The regulator stated, ” Similar undersea cables providing traffic from Europe to the East Coast of Africa, like Seacom, Europe India Gateway, and Asia-Africa-Europe 1, were said to have been cut at some point around the Red Sea, resulting in the degradation of services across these routes.”

YOU MAY ALSO LIKE:   FG announces extension of free rail services for citizens

Many subscribers on Thursday expressed frustrations on social media platforms, citing difficulties in making phone calls and accessing online services.

Despite the setbacks, the NCC assured the public that cable operators have initiated repair efforts, with services gradually being restored.

The commission stated, “Operators of these cables have commenced repairs already, and services are gradually being restored. They have promised to work around the clock to ensure that services are restored to the affected countries within the shortest possible time.

“It is important to bring this information to the knowledge of corporations and consumers on these services.”
Earlier, MTN Nigeria, the leading telecommunications provider in the country, acknowledged the situation and appealed to its subscribers.

YOU MAY ALSO LIKE:   FRC: 115 MDAs submit audited financial statements

The company also assured them that it is making efforts to resolve the issue and restore services as quickly as possible.
A few weeks ago, a similar issue occurred where major operators across the country, including MTN, Airtel, and 9mobile, grappled with a widespread network connection crisis.

The Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, told The PUNCH that the connectivity issue was due to significant fibre cuts made by road contractors employed by the Federal Government.

The ALTON chairman said, “There have been significant fibre cuts across the country, and this has impacted connectivity today, but efforts are being made by affected telecom operators to rectify this situation.”

Share With A Friend
Continue Reading

Economy

Lagos Police probe officer caught extorting motorist

Published

on

Lagos Police probe officer caught extorting motorist

The Lagos State Police Command has commenced an investigation into the extortion of a motorist by one of its officers, ASP Luka Bashayi of the Ogudu Area Command on Saturday.

A video which went viral on X on Saturday showed the policeman telling the driver of the car,

“Make am N10,000, sharp sharp and go now” as the driver replied, “I no get.”

The officer was also heard calling out some digits in the video.

The caption read, “Very hardworking Nigeria police officer, “do sharp sharp and go nw” u know the matter😅😅😭😭 #Princemoye1 see ur men.”

YOU MAY ALSO LIKE:   Nigerians are suffering, address economic pains – Musician K1 tells Tinubu

Commenting on the video, the Force Public Relations Officer, ACP Olumuyiwa Adejobi, wrote, “This is not allowed, so shameful. It’s condemned. We need more info about this. We will fish him out.”

Giving updates on the issue, the Lagos State Police PRO, SP Benjamin Hundeyin, disclosed that the command’s Complaint Response Unit have started investigations on the matter.

He wrote, “We will not gloss over this. He is ASP Luka Bashayi, serving at Ogudu Area Command.

“Meanwhile, #Lagos_PoliceCRU has commenced actions on this.”

Share With A Friend
Continue Reading

Trending