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AI-powered fraud attacks are escalating worldwide, posing new and sophisticated threats that demand urgent public awareness.
As Nigeria’s digital marketplace expands, the risk of cyber threats grows proportionally, revealing the urgent need for robust security measures to keep pace with the accelerated pace of digital growth.
AI has lowered the technical bar for fraud and cybercrime actors looking for their productivity tools, making it easier and cheaper to generate believable content for cyberattacks at an increasingly rapid rate, according to Microsoft’s Cyber Signals report.
Read also: Airtel to help subscribers combat fraud with AI
“AI software used in fraud attempts runs the gamut, from legitimate apps misused for malicious purposes to more fraud-oriented tools used by bad actors in the cybercrime underground,” it stated.
Ola Williams, managing director, Microsoft Nigeria and Ghana, said, “AI technology is giving cybercriminals the tools to create incredibly deceptive scams.”
She stated that with the ability to draw on fake product reviews, AI-generated websites, deepfakes, and voice cloning, these scammers can carry out their campaigns on a massive scale while still appearing authentic.
“It is vital for businesses and individuals in Nigeria to keep abreast of developments as these AI-driven tactics become increasingly sophisticated,” Williams said.
According to Deloitte, Nigeria saw a sharp surge in cyber threats last year, with AI amplifying the scale and precision of cyberattacks on a scale close to ‘pandemic-like’ proportions.
By 2030, the country’s digital transformation market is expected to reach almost $27 billion. Yet, the impressive growth brings with it significant challenges, particularly in the aspect of cybersecurity.
Deepfake incidents in Africa surged sevenfold from Q2 to Q4 of 2024, as AI tools made it easier to create fake identities and manipulate biometric data.
The Africa Centre for Strategic Studies disclosed that Deepfakes now allow anyone to fabricate video or audio that’s nearly indistinguishable from the real thing.
According to Microsoft’s Anti-Fraud Team, AI-powered fraud attacks are happening globally, with much of the activity coming from China and Europe, specifically Germany, due in part to Germany’s status as one of the largest e-commerce and online services markets in the European Union (EU).
Job and employment fraud
Generative AI has made it easier for scammers to create fake job listings, profiles, and email campaigns, making fraudulent offers harder to detect. Also, AI-powered interviews and automated emails enhance the credibility of these scams.
Nigeria’s National Information Technology Development Agency (NITDA) warned citizens about fake job offers recently.
“To tackle this issue, job platforms should implement multifactor authentication to verify employer accounts and use fraud-detection technology to spot fake interviews created by AI, where facial expressions and speech might not match naturally,” Microsoft’s report stated.
Job hunters should watch for signs of job fraud, such as requests for payment, offers that seem too good to be true, unsolicited interview requests via text, and no formal communication channels, it stated.
“Scammers may also ask for personal information for ‘verification’; hence, Job seekers should validate websites by checking for secure connections (https) and using tools like Microsoft Edge’s typo protection.”
Tech support scams
Tech support scams are deceiving people into paying for unnecessary services by pretending there are problems with their devices or software.
Scammers gain access to computers remotely, allowing them to steal information and install harmful software.
In April 2024, Microsoft Threat Intelligence reported that a cybercriminal group called Storm-1811 exploited Windows Quick Assist by pretending to be IT support. They used voice phishing techniques to impersonate legitimate organisations and gain access to users’ devices.
Microsoft stated that to effectively counter these scams, it is important to educate employees about the correct procedures for getting helpdesk support.
“Implementing Zero Trust principles, which enforce the least amount of access necessary for accounts and devices, can also help reduce the damage if an account is compromised. Employees should be aware that unsolicited tech support offers are often scams, and always seek tech support from trusted sources.”
Read also: Securing Nigeria’s future: Combating cyber threats, Fraud, and boosting job creation
E-commerce fraud
Nigeria’s e-commerce adoption is surging, with user penetration surpassing regional averages, according to reports.
However, the rise of AI has enabled the rapid creation of fraudulent e-commerce websites, which can now be set up in minutes.
These sites mimic legitimate ones, making it difficult for consumers to distinguish between real and fake. AI-generated product descriptions, images, and reviews deceive customers into trusting these fake merchants.
AI-powered chatbots further complicate matters by interacting convincingly with customers, delaying chargebacks with scripted excuses, and manipulating complaints to maintain a professional facade.
