A remarkable claim emerged at the Adhere Compliance Frontline Forum in Lagos: Nigerian ATM cards are considered among the safest globally, with no recorded successful hacks to date. This assurance comes from AIG Uche Henry Ifeanyi, Chairman of INTERPOL’s African Working Group on Cybercrime.
The cybercrime chief explained that when losses occur through ATM-related fraud, they rarely stem from system breaches but rather from social engineering tactics where criminals manipulate cardholders into revealing PINs and other sensitive information. “What they do is use social engineering to manipulate victims to get their confidential information—that’s the only way you can infiltrate an ATM card in Nigeria,” AIG Uche stated.
The shift highlights a broader trend: physical bank robberies have declined sharply while digital financial crimes surge. Ransomware attacks, crypto money laundering, and AI-powered fraud are increasingly common threats targeting Nigerian institutions.
AIG Uche illustrated this with his experience leading operations that coordinated with the UK’s National Crime Agency—where undercover teams tracked down complex fraud networks in Aba within 48 hours using digital intelligence rather than physical force. One raid uncovered tech setups resembling small offices, complete with routers, laptops, and multiple screens used to run scams.
To combat this evolving threat, AIG Uche emphasized the need for financial institutions and law enforcement to embrace AI-powered solutions that can detect suspicious patterns in real time—closing the gap between criminal agility and bureaucratic processes. He noted that trust itself is a form of capital that Nigeria cannot afford to lose as it builds its digital economy.