The Federal Bureau of Investigation (FBI) has revealed that the United States suffered an estimated $6.5 billion loss to investment fraud in 2024, marking a staggering rise in cyber-enabled scams. In response, the bureau has launched a multi-agency international crackdown focused on sextortion rings operating out of Nigeria and other West African nations.
According to the FBI’s 2024 Internet Crime Report, investment scams, including fake crypto schemes, real estate fraud, and Ponzi-style operations, were the leading source of reported financial losses among Americans.
In a related development, the FBI has partnered with Nigerian law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC) and the Nigerian Police Cybercrime Unit, to dismantle a network of sextortion groups responsible for targeting thousands of U.S. teenagers and young adults.
FBI Cyber Division Assistant Director, Bryan Vorndran, confirmed that the operation has already led to dozens of arrests and the seizure of hundreds of digital devices linked to explicit blackmail and extortion.
“These are not petty scams. They are coordinated, emotionally and financially devastating crimes that have even driven victims to suicide,” Vorndran said.
Nigerian authorities have pledged full cooperation, stating that they are committed to protecting Nigeria’s global image and holding cybercriminals accountable.
More updates are expected as joint investigations unfold across Lagos, Abuja, and other hotspots flagged by U.S. cyber intelligence.
– MADMO News
