Financial scam is a widespread issue in Nigeria. From the regular ATM maintenance calls to the breath-taking job offers you get but need a little token to activate. Whatever the process may be, the end goal remains the same: they are designed to steal your money.

Fellow Nigerians, it is important to be aware of the different types of financial scams that exist so that you can protect yourself. Here are some tips on how to spot financial fraud in Nigeria:

• Be Wary Of Unsolicited Contact.

Scammers often contact people out of the blue by phone, email, or text message. They may claim to be from a government agency, a well-known company, or a financial institution you may or may not know. Just like those guys that call from your bank but can’t name the bank you use. The point is legitimate businesses will rarely contact you unsolicited.

• Beware Of High-Pressure Sales Tactics.

Scammers often try to pressure people into making a quick decision. They may say that the offer is only available for a limited time, or that you need to act now to avoid missing out on a great opportunity. Abeg! don’t let yourself be rushed into making a financial decision.

• Beware Of Promises Of High Returns With Little Or No Risk.

All investments carry some degree of risk, and there is no such thing as a guaranteed return. If someone is promising you high returns with little or no risk, it’s probably a scam. So, “no go let sharp guy put you for trouble oh!”

• Beware Of Complicated Investment Schemes.

Scammers often use complex investment schemes to confuse and overwhelm their victims. They may use jargon and technical terms that you don’t understand. If you don’t fully understand an investment opportunity, don’t invest in it. Faith is good, but you probably want to keep it out of your investments.

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• Do Your Research.

Before you invest in anything, be sure to do your research. Check the company’s website and social media pages. Read reviews from other investors. And be sure to verify that the company is registered with the Securities and Exchange Commission (SEC) of Nigeria – “Na this kind sharp guy make sense!”

If you think you may be the victim of a financial scam in Nigeria, there are a few things you can do:

• Stop Communicating With The Scammer.

If you receive a call, email, or text message from a scammer, stop communicating with them immediately.

• Report The Scam To The Appropriate Authorities.

You can report the scam to the Economic and Financial Crimes Commission (EFCC).

• Contact Your Financial Institution.

If you have given the scammer any personal or financial information, or if you have sent them any money, contact your financial institution immediately.

By being aware of the red flags and following these tips, you can help protect yourself and your loved ones from financial scams in Nigeria. Don’t forget. If a deal seems too good to be true, it likely is.