Nigeria Launches Platform to Track Crypto Fraud Amid N240 Billion Losses

Financial fraud is rapidly evolving across multiple sectors, driven in part by advances in technology such as generative AI and biometrics. Precious Ogundu highlighted Nigeria's new Financial Intelligence and Market Data Tracking for Investigating Crypto Fraud (FIMTIC) platform, which uses wallet verification, real-time data tracking, and investor education to combat crypto-related scams that caused over N240 billion in losses. In the U.S., AI-enabled fraud is surging, with the FBI and FTC reporting record losses exceeding $12.5 billion in 2024 due to deepfakes, voice scams, and synthetic identities, pressuring banks and credit unions to adopt AI detection systems despite resource challenges. Meanwhile, Massachusetts lawmakers consider legislation to restrict retail biometric use in pricing, amid concerns about consumer privacy and corporate transparency, although major retailers deny using biometrics for dynamic pricing. South Africa is implementing mandatory biometric enrollment for social grant beneficiaries to reduce fraud, though questions remain about resource allocation and potential impacts on service delivery. These developments underscore the global challenge of balancing innovative fraud prevention technologies with privacy and operational concerns.