Digital currency scams, AI attacks top cyber threat in Nigeria

Getting your Trinity Audio player ready...

Digital asset scams and attacks powered by artificial intelligence (AI) are the two most potent threats in the Nigerian cyberspace, a new report has revealed.

The 21-page report, titled “Nigeria Cyber Threat Forecast 2025,” was published by the Cyber Security Experts Association of Nigeria (CSEAN). It singled out the cyber-threats that the experts believe will pose the biggest threat this year, calling on the private sector, civil society and the government to join hands and combat them.

Digital asset-related scams topped the list. Nigeria is home to Africa’s biggest digital asset market, with some reports estimating that 10% of the population, which equates to 22 million Nigerians, own digital assets. The adoption has remained unfazed by a crackdown on foreign exchanges in 2024, ultimately leading to the shutdown of Coinbase (NASDAQ: COIN), KuCoin and their peers and the detention of Binance’s Tigran Gambaryan for eight months.

“Social media scams, Ponzi schemes, and fake cryptocurrency exchanges will target vulnerable individuals, resulting in significant financial losses,” the report stated, as reported by local paper Punch.

In 2024, illicit digital asset addresses received $41 billion, Chainalysis revealed. However, the blockchain analytics firm says the real value is much higher, likely closer to $51.3 billion, which would be the second-highest figure after 2022’s $54.3 billion.

Africa has traditionally been the least affected by digital currency scams compared to other regions. However, the continent is still a hotbed for scammers, and the weak legal systems have only made the scammers bolder over the years. For instance, the two Cajee brothers who scammed $3.6 billion from predominantly South African investors in 2021 have yet to be brought to justice for their crime.

Beyond digital currency, Nigeria’s cybersecurity experts believe AI-powered attacks will spike this year.

“These sophisticated tactics will exploit trust and manipulate public opinion, posing severe risks to individuals and businesses,” it stated.

CSEAN President Ade Shoyinka called on the Nigerian government to address the challenges head-on to “strengthen [Nigeria’s] digital resilience, safeguard critical infrastructure, and empower its citizens in an increasingly interconnected world.”

AI scams aren’t unique to Nigeria, and with the technology becoming more refined and cheaper to access, consumers are in more danger than ever before. A McAfee survey found that 70% of respondents aren’t confident they can differentiate between a real and AI-cloned voice.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.

Watch: Blockchain is changing Nigeria’s tech city ecosystem