NoGoFallMaga (NGFM), a campaign instituted by the CyberSafe Foundation, has released its first manual on investment scams through its community platform.
Released on August 12 to align with this year’s Global Youth Day, the Investment Scam Handbook is an essential tool that would protect individuals and businesses from investment scams. It provides an in-depth look at the warning signs of Ponzi scams and offers advice on how to stay safe.
The goal is for the manual to continuously educate people on these cybercrime tactics.
The timely publication of the handbook must align with the theme of this year’s World Youth Day, which is “intergenerational solidarity”; and the NGFM community wants to encourage people, especially young people, to show solidarity with other generations by educating them about the danger of investment scams.
Since young people are the most active online, the most aware of emerging technologies and the most energetic, it is incumbent on them to act as a kind of intergenerational stopgap, protecting other generations from the harmful activities of fraudsters.
The CyberSafe Foundation’s NoGoFallMaga (NGFM) Community is a group of online safety experts who are ready to help people protect their money, assets, and identity online.
The Cybersecurity Community is an initiative of CyberSafe Foundation, a strategically positioned NGO with a mission to ensure inclusive and safe digital access in Africa.
NoGoFallMaga has 142 active volunteers and has uncovered and exposed over 20 Ponzi schemes in Nigeria alone. They have also helped SMEs, seniors and the general public by raising awareness of these programs.
The Security and Exchange Commission (SEC) in a recent statement said “Ponzi schemes have undermined the reputation of the capital market and undermined investor confidence”, a major problem affecting the country’s capital market.
According to a study by Norrenberger Financial Investments Scheme, Nigeria lost over N300 billion to pyramid schemes over five years.
Interestingly, the first Ponzi scheme was created by Charles Ponzi in 1920. He promised investors a 50% return on investment in just 45 days. And it worked for a while.
But eventually the program collapsed, leaving investors with nothing. And history has repeated itself over and over again since then.
The NogoFallMaga community, whose primary focus is digital fraud, has intervened in several cybersecurity cases across the country and previously exposed a fake Job Syndicate posing as the United Nations online.
Enyinna Abazie, NoGoFallMaga Community Manager, revealed what the community has achieved over the years, including publishing “The Phishing Handbook” and “The book of scams” to combat various segments of scams in the country.
According to him: “Our biggest Ponzi burst so far has been to get involved in the ‘Intelligence Prime Capital scam’. Said organization claimed to have a trading robot that used artificial intelligence to generate a flow profit. Victim-investors were also urged to recruit others into the scheme to earn more. He added: “A few months after our investigation, and by preventing countless people from joining the scheme, the perpetrators committed an exit scam and disappeared with the investors’ funds. Ponzi schemes tend to go undetected for years, and by the time they are exposed, it is often too late.”
The CyberSafe Foundation, the parent organization of the NoGoFallMaga community, has several other initiatives, including the “ShineYourEye Cybersecurity Community” for seniors, the “CyberGirls Fellowship”, and the “DigiGirls Fellowship”. The organization has also helped SMEs with the launch this year of the SME Cybersecurity Toolkit.