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Nigeria Makes List of Top 10 Countries with Highest Cases of Internet Scams

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As the digital age progresses, internet scam have become a significant concern for individuals, businesses, and governments worldwide.

Nigeria Makes List of Top 10 Countries with Highest Cases of Internet Scams

While providing numerous opportunities for communication and commerce, the internet has also opened the door for fraudulent activities that exploit unsuspecting victims.

The prevalence of online scams has led to financial losses, psychological distress, and a general erosion of trust in digital transactions.

In this landscape, certain countries stand out for their vulnerability to internet scams due to various socio-economic and technological factors.

According to Sanction Scanner, these top 10 countries have the highest cases of internet fraud, in no particular order.

India

India has witnessed an alarming rise in internet scams, particularly in the realms of online shopping, tech support fraud, and lottery scams.

With over 600 million internet users, the country has become a fertile ground for cybercriminals.

India faces a severe cybercrime challenge, recording $7.93 million USD. in losses across 4,850 cases in 2023, according to the National Crime Records Bureau (NCRB). Digital financial frauds alone amounted to $14.86 million USD over the past three years.

The government has initiated several awareness campaigns, but the rapid growth of digital infrastructure continues to challenge law enforcement agencies to keep up with the evolving tactics of scammers.

Brazil

Brazil’s financial ecosystem has been significantly impacted by internet scams, especially banking trojan attacks that infiltrate user accounts and syphon off funds. Cybercriminals exploit vulnerabilities in online banking systems, leading to millions of dollars in losses annually.

Brazil’s fintech boom has attracted cybercriminals. In 2023, 1.8 million banking trojan infections were recorded, as reported by Kaspersky Lab.

The introduction of the Pix payment system has revolutionised financial transactions but exposed users to malware attacks, with eight of the top 13 trojans globally originating from Brazil.

As the digital banking sector expands, Brazilian authorities are working to implement stronger cybersecurity measures, but the cat-and-mouse game with scammers remains a constant struggle.

Pakistan

The landscape of internet fraud in Pakistan has been marked by a surge in suspicious transaction reports, indicating a growing problem with financial crimes, including money laundering.

Pakistan’s Financial Monitoring Unit (FMU) reported 32,072 suspicious transaction reports (STRs) in 2023.

Fraudulent activities involve money laundering and terrorist financing schemes, reflecting rising threats in both the financial and criminal sectors.

Despite government efforts to regulate and monitor online transactions, the lack of awareness among the populace often leads to individuals falling victim to these schemes.

This has created a pressing need for enhanced cybersecurity education and more robust regulatory frameworks.

South Africa

In South Africa, internet scams have manifested primarily through identity theft and online auction fraud.

The rise of social media platforms has provided scammers with new avenues to target victims.

Ranked 7th on the Global Criminality Index (2023), South Africa faces escalating identity theft and credit card fraud. Fraudulent loan applications and phishing attacks are widespread, exacerbated by vulnerabilities in online platforms and digital banking systems.

South African authorities have ramped up efforts to combat cyber fraud through public awareness campaigns and stricter regulations, yet the prevalence of scams continues to challenge consumers and businesses alike.

Morocco

Morocco faces a troubling rise in online scams, particularly those involving identity theft and fraud through social networks.

Many Moroccans lack awareness of the tactics employed by fraudsters, leading to increased victimisation.

Fraudulent activities are growing, with the Unit for the Processing of Financial Information (UTRF) monitoring suspicious transactions linked to money laundering and embezzlement.

The government is beginning to address these issues, but as the digital economy grows, so too does the need for comprehensive cybersecurity education and preventive measures.

Romania

Romania has emerged as a significant player in the realm of internet scams, characterised by complex networks of financial fraud, money laundering, and identity theft. While the country has made strides in improving its cybersecurity infrastructure, the sophistication of scams has outpaced regulatory efforts.

Romania’s vulnerability to business email compromise (BEC) scams and money laundering is significant. Europol reports highlight cases involving human trafficking and financial fraud.

Ongoing initiatives to combat these challenges are vital for restoring trust in Romania’s digital environment.

Nigeria

Known for its notorious “419” scams, Nigeria continues to battle a reputation fraught with issues related to cyber fraud.

Scammers often target individuals both locally and internationally, employing tactics that promise lucrative returns in exchange for upfront fees.

The Nigerian Financial Intelligence Unit struggles with enforcement due to institutional corruption. Educational initiatives aimed at raising awareness among citizens about online scams are critical to changing perceptions and reducing victimisation.

Venezuela

The dire economic situation in Venezuela has led to a surge in internet scams, including credit card fraud and various government-related schemes.

As citizens grapple with financial instability, scammers exploit their vulnerabilities, preying on desperate individuals seeking financial relief.

With frequent cases of identity theft, credit card fraud, and government-related corruption, narcotics trafficking exacerbates financial crimes, as the Unidad Nacional de Inteligencia Financiera (UNIF) works to monitor suspicious activities.


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OpenAI Eyes Chrome Acquisition if Google is Forced to Sell

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Nick Turley, OpenAI’s Head of Product, testified in Washington that the company would be interested in acquiring Google’s Chrome browser if antitrust enforcers succeed in forcing Alphabet to sell the popular web browser.

This testimony was part of a high-profile trial in which the US Department of Justice is pushing to break up Google’s monopoly in the online search and advertising markets, Reuters reported on Tuesday.

The DOJ’s case centres on Google’s dominance in online search, which it argues unfairly stifles competition. A key aspect of the DOJ’s proposed remedies includes requiring Google to divest assets, including its Chrome browser, to restore a more competitive search environment.

According to the report, Turley’s statement provided insight into OpenAI’s competitive positioning within the generative AI space.

He noted that Google’s refusal to partner with OpenAI for access to its search technology within ChatGPT had pushed the company to explore alternative partnerships, particularly with Microsoft’s Bing.

Turley had previously written that ChatGPT leads the consumer chatbot market and did not consider Google its biggest competitor, according to an internal OpenAI document presented by Google’s lawyers during the trial.

He clarified that the document was meant to inspire OpenAI employees and emphasised that the company would still benefit from distribution partnerships, Reuters reported.

Earlier in the day, Turley testified that Google rejected OpenAI’s bid to use its search technology within ChatGPT.

OpenAI had reached out to Google after experiencing issues with its own search provider, Turley said, though he did not identify the provider. ChatGPT currently uses Microsoft’s Bing for search.

“We believe having multiple partners, and in particular Google’s API, would enable us to provide a better product to users,” OpenAI had told Google in an email shown at the trial.

OpenAI first reached out in July, but Google declined the request in August, citing concerns about competition. “We have no partnership with Google today,” Turley said.

The trial also highlighted Google’s internal strategy, including efforts to secure exclusive search agreements with major Android device manufacturers like Samsung.

According to Turley, such exclusivity could hinder the development of competing AI technologies, like ChatGPT, which depend on a range of search and data sources.


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Digital Consumers are Driving a New Era of Online Shopping, Transforming how Nigerian Youth Buy

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The digital revolution is hitting Nigeria’s retail scene fast, and it’s being powered by the country’s youth. Armed with smartphones and a demand for affordability, they’re shaping the e-commerce industry where convenience reigns supreme.

Nigeria’s internet users, reaching more than half its population, creates a strong foundation for e-commerce growth. This growth is significantly fueled by the nation’s youth, a substantial 160 million (70% of the population), whose tech-forward nature drives the popularity of platforms like Temu, satisfying their demand for accessible and budget-friendly online retail.

This generation has flipped the retail script. Value is their compass, price comparisons their weapon, social media their guide, and convenience their non-negotiable. This isn’t just shopping; it’s a calculated pursuit of savvy options, the widest selection, and the best value-for-money deals.

The power of finding a good deal is undeniable, especially for these shoppers watching their wallets. Social media is a testament to this, filled with posts celebrating the newfound ability to purchase items once considered luxuries.

Take Anwulika Udanoh (@Anwulika Udanoh on Facebook), for example. Her recent post, detailing her shopping experience on Temu, is a perfect snapshot of this online shopping revolution. She stumbled upon affordable jewelry on the platform, swayed by glowing reviews, and took a chance. What followed was a delightful surprise: customised earrings bearing her name, a feat once thought impossible.

Even her son’s friend jumped on the personalisation trend with custom pendants. ‘Their prices will shock you,’ she wrote, with genuine excitement. And despite any concerns about longevity, the sheer joy of affordable, personalised style at good quality won her over. That’s the power of this shift.

This goes beyond mere bargain hunting; it’s about empowerment. It’s about unlocking the ability to express your unique style without sacrificing your financial stability. It’s about finding those small sparks of joy, like personalised jewelry that feels uniquely yours. For many, these platforms are a portal to a more colourful and individually tailored life.

Then there’s the spirit of adventure, captured in a simple tweet by Steph (@steph on X): ‘ordered a couple of desk items, wish me luck.’ It’s the essence of a generation eager to discover new ways to elevate their everyday life.

Launched in the country in November 2024, Temu offers a diverse selection that aligns with the dynamic needs of young Nigerians. The direct-from-factory online marketplace is known for cutting out layers of middlemen and their associated markups and costs, passing on savings to consumers. Serving more than 90 markets globally, Temu has become one of the most visited e-commerce sites worldwide and a top Apple-recommended app of 2024.

Let’s be real: budgets matter. In a country where every naira is carefully considered, competitive pricing and accessible payment methods, aided by partnerships like Temu and Verve, empower Nigerian shoppers with greater choice and freedom to embrace trends while making the budget go beyond. It’s like opening up a world of possibilities.

Adding to the appeal is a user experience designed for the mobile age. With 193.9 million cellular connections, smartphones are the gateway to this digital world, and intuitive platforms allow for seamless browsing and purchasing on the go, perfectly aligning with the dynamic rhythms of young Nigerian life.

This mobile-first approach is further amplified by the power of social proof. In a nation of 31.60 million social media users, reviews and recommendations carry significant weight, transforming satisfied shoppers into passionate brand advocates.

A growing digital environment, particularly in urban areas, presents a rich opportunity for platforms that resonate with the aspirations of young people. They seek more than just products; they want to build online communities, create digital identities, and shape their lifestyles.

Real stories like those of Anwulika and Steph show that Temu isn’t just a place to shop, but a platform that’s unlocking joy, creativity, and financial freedom for Nigeria’s youth. Whether it’s personalised jewellery, playful desk accessories or everyday essentials, Temu is turning everyday purchases into moments of empowerment — proving that with the right platform, anything is possible.


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Gold Hits Record High Amid U.S. Dollar Weakness and Trade Tensions

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Gold prices surged to a fresh record high on Monday, April 21, while the dollar weakened and global stock markets presented a mixed picture, as concerns mounted over former President Donald Trump’s escalating tariff strategy and his ongoing confrontation with the Federal Reserve.

Amid subdued activity due to continued Easter holiday closures in several markets, investors focused on the potential fallout from Trump’s latest trade moves and looked ahead to key economic data releases later this week that may shed light on the broader impact of the evolving U.S.-led trade war.

The administration’s tariff campaign has triggered swift responses from major economies. While some, like Japan, are reportedly seeking accommodations to ease Washington’s trade levies, China issued a sharp warning to governments not to negotiate at the expense of its interests. A spokesperson for China’s commerce ministry said Monday that appeasement and compromise would fail to win peace or respect, calling on nations to avoid sacrificing broader interests for temporary gains.

Beijing’s tone contrasted with Trump’s comments last Thursday in which he signaled ongoing discussions with China, expressing optimism about reaching a deal. However, tensions remain high, with China facing tariffs of up to 145 percent on some goods, and retaliating with duties of 125 percent on U.S. exports.

The growing uncertainty over the global economic outlook has driven investors toward safe haven assets. Gold climbed above $3,384 per ounce, buoyed both by the geopolitical instability and a weakening U.S. dollar. The dollar’s decline has been exacerbated by concerns over Trump’s comments directed at Federal Reserve Chair Jerome Powell, who warned that the tariffs could lead to a temporary rise in inflation and downplayed prospects for interest rate cuts.

Trump criticized Powell for his remarks and hinted at the possibility of removing him from office, stating: “If I want him out, he’ll be out of there real fast, believe me.” Powell has maintained that he will not step down and emphasized the legal foundation of the central bank’s independence.

The dollar fell against major currencies, with the yen and euro gaining strength. France’s finance minister Eric Lombard said Trump’s tariff policies had already damaged the credibility of the U.S. currency and warned that undermining the Federal Reserve would further shake investor confidence. Chicago Fed President Austan Goolsbee underscored the importance of central bank independence, calling it a near-universal principle among economists.

Asian stock markets reflected the uncertainty, with Tokyo’s Nikkei falling 1.2 percent, while gains were seen in Shanghai, Seoul, Singapore, Manila, and Jakarta. Oil prices declined amid renewed fears over global demand, with West Texas Intermediate and Brent crude both dropping 1.7 percent.

Investors are now watching closely for April manufacturing data from key economies, which are expected to provide early signals about the tangible effects of the tariffs. Analysts warn that U.S. fiscal and monetary policy are increasingly being viewed as volatile geopolitical forces rather than stable economic anchors. Stephen Innes of SPI Asset Management said the reputational damage to the U.S. economic brand is becoming entrenched, with global markets and allies adjusting expectations accordingly.


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