Senior Advocate of Nigeria (SAN), Rotimi Oyedepo Iseoluwa, Special Assistant to the President on Financial Crimes and Public Prosecution Compliance, asserts that fraud is now a deliberate manipulation of human psychology rather than an act of ignorance or credulity.
Experienced prosecutor Oyedepo clarified that fraudsters are not just criminals but also skilled manipulators who research people’s thoughts, fears, and desires before exploiting that information to trick even the most cautious and knowledgeable people. He claimed that this is the reason why scams can cause bankers, attorneys, professors, business executives, and civil workers to lose millions of naira.
“Being duped is not an indication of incompetence; rather, it is the consequence of psychological manipulation,” he said.
Based on his years of experience dealing with financial crimes, Oyedepo determined that the three most potent instruments in the hands of scammers are urgency, authority, and greed. He pointed out that scammers frequently incite panic with communications meant to pressure victims into making snap decisions, such threats that an investment opportunity will be lost if payment is not made right away or that a bank account will be stopped within an hour unless a PIN is verified. “Reputable organizations seldom put you under pressure to perform right away. “It is a warning sign if a message makes you feel hurried,” he said.
He also described how con artists frequently adopt the appearance of authority by impersonating representatives of financial institutions, governmental organizations, or even law enforcement. They take advantage of Nigerians’ respect for titles and institutions by using persuasive language, phony identity cards, and copied websites. He said that instead of relying on the contacts listed in dubious messages, users should independently confirm.
Regarding the allure of investment schemes, Oyedepo noted that Ponzi operators and proponents of fraudulent cryptocurrency platforms profit from making exaggerated claims of returns, appealing to greed and FOMO. He gave examples of people willfully ignoring warning signs because they didn’t want to fall behind while others appeared to benefit, only for the plans to ultimately fail and leave them in ruins.
He claims that even the most educated people are vulnerable since scammers often target human emotions rather than stupidity. “Everyone can experience pressure, anxiety, greed, or trust, regardless of education level. He stated that no one should ever claim, “I am too intelligent to be conned,” because of this.
In order to safeguard the public, he provided straightforward yet useful guidance: take your time before making payments, never give in to pressure, confirm information straight from banks or government organizations, speak with reliable people, and follow your gut when something doesn’t feel right.
Oyedepo also stressed that scams flourish in secrecy and asked Nigerians to speak up whenever they become victims of or witness attempted fraud. To assist stop the threat, he urged people to report it to financial institutions or law enforcement.
“You can be smarter than fraudsters, even though they may be smart.” He came to the conclusion that if something seemed too good to be true, it actually is.
