Saturday, September 13, 2025 - Fraud is no longer a matter of ignorance or gullibility; it is a calculated manipulation of human psychology, according to Senior Advocate of Nigeria (SAN), Rotimi Oyedepo Iseoluwa, Special Assistant to the President on Financial Crimes and Public Prosecution Compliance.
Oyedepo, a seasoned prosecutor, explained that fraudsters
are not just criminals but master manipulators who study how people think, what
they fear and what they desire, before using the knowledge to deceive even the
most intelligent and careful individuals. This, he said, is why bankers,
lawyers, professors, business executives and civil servants sometimes lose
millions of naira to scams.
“Contrary to popular belief, falling victim to fraud is not
a sign of stupidity; it is the result of psychological manipulation,” he
stated.
From his years of handling financial crimes, Oyedepo
identified urgency, authority and greed as the three most powerful tools in the
hands of fraudsters. He noted that scammers often create panic with messages
designed to rush people into making hasty decisions, such as warnings that a
bank account will be blocked within the hour unless a PIN is confirmed or that
an investment opportunity will be missed if payment is not made immediately.
“Legitimate institutions never force you to act instantly under pressure. If a
message makes you feel rushed, it is a red flag,” he warned.
He also explained how scammers often assume the cloak of
authority, posing as officials of banks, government agencies or even law
enforcement institutions. With convincing language, fake identity cards and
cloned websites, they exploit the respect Nigerians have for titles and
institutions. He advised people to verify independently rather than trusting
the contacts provided in suspicious messages.
On the lure of investment schemes, Oyedepo observed that
Ponzi operators and promoters of fake crypto platforms thrive on promises of
unrealistic returns, playing on greed and the fear of missing out. He cited
instances where people knowingly ignored warning signs because they did not
want to be left behind while others seemed to profit, only for the schemes to
eventually collapse and leave them devastated.
According to him, scammers do not necessarily target
ignorance but human emotions, which makes even the most educated individuals
vulnerable. “Everyone — whether educated or not — can feel pressure, fear,
greed or trust. That is why no one should ever say, ‘I am too smart to be
scammed,’” he said.
To protect the public, he offered simple but practical
advice: pause before making payments, never act under pressure, verify
information directly from banks or agencies, consult trusted individuals, and
trust personal instincts when something feels wrong.
Oyedepo also urged Nigerians not to remain silent whenever
they fall victim or encounter attempted fraud, stressing that scams thrive in
secrecy. He encouraged reporting to law enforcement agencies or financial
institutions to help curb the menace.
“Fraudsters may be smart, but you can be smarter. If it
sounds too good to be true, it is too good to be true,” he concluded.
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