Inheritance / Unclaimed Money Scams

Employment scams more than tripled at 370+ financial institutions across 21 countries in the past 12 months, with a 258% increase outpacing all other fraud types. The scams predominantly occur on mobile devices and include various types such as investment schemes (averaging $6,600 per case), purchase fraud, and romance scams, with researchers identifying specific behavioral patterns like active phone calls and unusual payment recipients that banks can use to detect and prevent losses. The article also highlights organized scam operations globally, including compounds in Nigeria, and a particularly severe variant targeting minors through financial sextortion that has resulted in at least 36 documented U.S. teen suicides since 2021.

A Nigerian federal court ordered the forfeiture of 431 mobile phones linked to Chinese cyber-fraudsters to the Federal Government following a major fraud operation bust in Lagos. The Economic and Financial Crimes Commission had arrested over 700 individuals (approximately 500 Nigerians, 148 Chinese, 40 Filipinos, and others) in a December 2024 sting operation targeting an elaborate scheme involving romance, dating, cryptocurrency, and investment scams that primarily victimized Americans, Canadians, Mexicans, and Europeans. The operation involved at least 500 laptops, 400 cell phones, and various telecommunications equipment used by foreign nationals and recruited Nigerian youths operating from a

A Lagos federal high court ordered the final forfeiture of 431 mobile phones to the Nigerian government that were seized from Chinese nationals arrested in December 2024 for operating cryptocurrency and romance scam networks from a Victoria Island building. The EFCC had arrested 792 suspects total—including 114 Chinese nationals, Filipinos, and others—who were allegedly training Nigerians to conduct romance and investment scams; digital assets worth $222,729 and thousands of other items including computers, SIM cards, and equipment were previously forfeited in the case.

A Nigerian federal court ordered the permanent forfeiture of 431 mobile phones to the government that were seized from Chinese cyber-fraud operators and their accomplices. The phones were part of an elaborate international scam network operating in Lagos that conducted romance scams, cryptocurrency fraud, and investment swindles targeting victims in the U.S., Canada, Mexico, and Europe, with over N3.4 billion in fraud proceeds traced to the operation. A massive December 2024 sting operation arrested over 700 suspects involved in the scheme, including 148 Chinese nationals and 500 Nigerians, leading to convictions of the ringleader and his company on charges including cyber-terrorism and money laundering

Access Bank launched a financial crime awareness campaign called "Spot the Scam" targeting Nigerian students to educate them on identifying and avoiding fraud schemes, which commonly include fake giveaways, job offers, celebrity impersonation, and investment scams. The campaign, running through December 2026, was prompted by concerns about young Nigerians' involvement in financial crimes, including a December 2024 incident where 792 young people were arrested for romance scams, hacking, and money laundering targeting overseas victims. The initiative includes nationwide financial education and a debate competition for secondary schools in Lagos State to help young people avoid becoming victims or perpetrators of financial crimes.

Nigerian national Olamide Shanu pleaded guilty in federal court in Idaho to operating an international money laundering scheme involving sextortion and romance scams that targeted approximately 150 Americans and generated over $2.5 million in fraud proceeds. The scheme used fake social media identities to build relationships with victims and extort intimate images, with stolen funds laundered through peer-to-peer payment apps and cryptocurrency before being transferred to Nigeria. Shanu faces up to 20 years in prison at his December 15 sentencing.

A 35-year-old Nigerian national, Olamide Shanu, pleaded guilty to money laundering conspiracy for his role in international sextortion and romance scam schemes that defrauded approximately 150 American victims and generated over $2.5 million in criminal proceeds. Shanu and his co-conspirators targeted male victims with sextortion threats using intimate images and older men and women through fake romantic identities on social media, laundering the proceeds through peer-to-peer payments and cryptocurrency before transferring funds to Nigeria. Shanu was extradited to the United States and pleaded guilty in Idaho federal court in September 2026 as part of the Department of Justice's

A 35-year-old Nigerian national pleaded guilty to money laundering for operating an international cyber-fraud network that targeted approximately 150 Americans through sextortion and romance scams, generating over $2.5 million in illicit proceeds. The scheme used fake identities to build emotional relationships with victims or threatened to share intimate images unless money was paid, with stolen funds moved through peer-to-peer payment apps and cryptocurrency to Nigeria. Olamide Shanu faces up to 20 years in prison at sentencing scheduled for December 15, 2026.

Access Bank Plc launched a "Spot The Scam" financial crimes awareness campaign targeting teenagers aged 12-16 in Nigeria, prompted by rising cases of young people becoming victims or perpetrators of fraud including romance scams, hacking, and money laundering. The initiative, running until December 2026, combines financial crime education with a debate competition for secondary schools in Lagos State, teaching youth to recognize manipulation, question suspicious requests, and seek help when encountering fraudulent activities. The campaign addresses common fraud methods targeting young people such as fake giveaways, celebrity impersonation, fake job offers, and investment scams.

Six Nigerian nationals were extradited to the U.S. to face charges in a romance scam that defrauded over 100 women of more than R100 million, with cybersecurity experts warning that AI technology now enables scammers to create convincing fake identities using deepfake photos, videos, and cloned voices. Victims often become emotionally invested in fraudulent relationships and are reluctant to report due to shame, though experts emphasize that reporting to police, banks, and platforms is crucial. Red flags include reluctance to do video calls, sudden declarations of love, requests to move conversations to private platforms like WhatsApp, and inconsistencies in profiles.