Nigeria is determined to combat internet extortion scams following Meta's elimination of numerous fake Nigerian Instagram and Facebook accounts. Among these, there was a ‘coordinated network’ associated with individuals from Nigeria involved in the rising problem of ‘sextortion.’
FBI reported that fraudsters use search engines like Google and various online tools to gather information about their targets, such as their residences and workplaces and the victims are usually males aged between 14-17. The FBI also highlighted a 20% rise in reported financially-driven sextortion cases involving minors in the six months leading up to March 2023 compared to 2022. This alarming trend has led law enforcement agencies to caution parents and young individuals about the hazards associated with unsafe online activities.
Digital extortion is the act of coercing an individual or company to pay in exchange for gaining back access to stolen cyber assets. These assets may include anything directly related to the victim's personal information, business operations, or financial interests, such as documents and database files.
Perpetrators of digital extortion often use tactics like ransomware, where malicious software encrypts the victim’s data, rendering it inaccessible until a ransom is paid. These cybercriminals may also threaten to release sensitive information publicly if their demands are not met, adding another layer of pressure on the victim.
Digital extortion can have devastating effects, not only financially but also in terms of reputation and operational disruption. Individuals and organisations need to protect themselves by implementing robust cybersecurity measures, such as regular data backups, strong password policies, and employee training on recognising phishing attempts.
In the unfortunate event of a digital extortion attack, it is important to report the incident to the appropriate authorities and seek professional cybersecurity assistance to mitigate the damage and prevent future occurrences.
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