Why Scams Fool Even Nigeria’s Smartest — Oyedepo Explains

According to Senior Advocate of Nigeria (SAN), Rotimi Oyedepo Iseoluwa, Special Assistant to the President on Financial Crimes and Public Prosecu­tion Compliance, fraud is no longer a result of ignorance or credulity but rather of a deliberate manipulation of human nature.

An experienced prosecutor named Oyedepo clarified that fraudsters are not just criminals but also skilled manipulators who research people’s thoughts, fears, and desires before exploiting this information to trick even the most cautious and knowledgeable people. He claimed that this explains why corporate executives, professors, bankers, lawyers, and civil workers occasionally lose millions of naira to scammers.

“Being a victim of fraud is not an indication of stupidity, as is commonly believed; it is the consequence of psychological manipulation,” he said.

Oyedepo noted that the three most potent instruments in the hands of scammers are urgency, authority, and greed based on his years of experience dealing with financial crimes. Scammers frequently incite fear with communications meant to pressure victims into making snap decisions, he said. Examples include threats that an investment opportunity would be lost if payment is not made right away or that a bank account will be closed within an hour unless a PIN is received. “Reputable organizations never make you take immediate action when under duress. A message is a warning sign if it makes you feel hurried, he cautioned.

He also discussed how con artists frequently pose as representatives of banks, government organizations, or even law enforcement. By using convincing language, phony identity documents, and copied websites, they take advantage of Nigerians’ regard for institutions and titles. Instead of putting their trust in the connections listed in dubious messages, he suggested that people check on their own.

Oyedepo noted that Ponzi operators and proponents of fraudulent cryptocurrency platforms profit from the allure of investment schemes by appealing to greed and FOMO by promising irrational returns. In order to avoid being left behind while others appeared to benefit, he gave examples of people who willfully disregarded warning signs, only to have their plans fall apart and leave them in ruins.

He asserts that scammers prey on human emotions rather than stupidity, leaving even the most educated people susceptible. Regardless of education, everyone experiences pressure, anxiety, greed, and trust. That’s why no one should ever claim, “I’m too intelligent to fall for a scam,” he stated.

He provided straightforward but helpful guidance to safeguard the public: think things through before paying, never make a decision under duress, confirm facts straight from banks or government organizations, speak with reliable people, and follow your gut when something doesn’t feel right.

Because scams thrive in secrecy, Oyedepo also advised Nigerians to speak up whenever they become victims of or witness attempted fraud. In order to lessen the threat, he advised reporting to financial institutions or law enforcement.

It’s possible to be wiser than fraudsters. It is too wonderful to be true if it sounds too good to be true,” he said.