Special Assistant to the President on Financial Crimes and Public Prosecution Compliance, Rotimi Oyedepo Iseoluwa (SAN), has charged Nigerians to be vigilant against the rising wave of financial scams, stressing that fraudsters exploit the psychological state of the people rather than ignorance to defraud unsuspecting victims. Oyedepo decried the rate at which Nigerians lose millions of naira to criminals who manipulate, create fear, greed, and trust.
In a statement titled, “The Psychology of Scams: why smart people fall for them”, he pointed out that highly educated and accomplished professionals, including bankers, lawyers, professors, senior civil servants, and business executives, have lost millions of naira to criminals.
“Falling victim to fraud is not a sign of stupidity; it is a result of psychological manipulation. Fraudsters are not just criminals; they are master manipulators who study how people think, what they fear, and what they desire, then use this knowledge to trick even the most intelligent,” he said.
Oyedepo identified four common tactics that scammers rely on to disarm their victims to include, urgency, authority, greed and fear of missing out.
“Fraudsters often create a false sense of emergency to push victims into making rash decisions. Messages such as ‘Your bank account will be blocked in one hour unless you confirm your PIN’ or ‘Pay today to secure this investment opportunity’ are deliberately designed to spark panic.
“When people feel rushed, they stop thinking critically. Legitimate institutions will never demand instant action under pressure.” He also noted that scammers frequently impersonate government officials, law enforcement agents, or bank staff by using fake identity cards, cloned websites, and official-sounding language to win trust.
“Fraudsters wear the mask of authority because they know Nigerians respect titles and institutions,” he explained. He, therefore, urged the public never to call numbers contained in suspicious messages but to independently verify using official customer care lines or bank websites.
“Ponzi schemes, fake cryptocurrency platforms, and so-called ‘wonder banks’ thrive on Nigerians’ desire for quick returns. By promising to double investments within days, fraudsters prey on both greed and the fear of being left behind.
“Greed blinds judgment. People know the promises are unrealistic, but they still invest because they fear others will profit without them. Scammers do not rely on their victims’ lack of education but on universal human emotions.
“Everyone, whether educated or not, can feel pressure, fear, greed, or trust. That is why no one should ever say, ‘I am too smart to be scammed,” he stated. Oyedepo, therefore, urged Nigerians to adopt simple but effective habits: pause before paying and never act under pressure.
“Verify sources directly with banks or agencies. Consult trusted colleagues or family before committing funds.
“Listen to instincts; if something feels wrong, it probably is. Fraudsters may be smart, but you can be smarter,” he stressed and appealed to citizens not to suffer in silence.
“Fraud thrives when victims keep quiet,” he said, urging anyone who encounters scams to promptly report them to banks or relevant law enforcement agencies.
