Financial fraud is an means of getting money from people in an illegal way. 419 and Yahoo yahoo as a case study.
419 can be traced back to the early 1980s. The term 419 was coined from the Nigeria Criminal Code Act chapter 38 section 419 which says that “Any person who by any false pretence and with the intent to defraud, obtains from any person anything cable of being stolen is guilty of felony and is liable to imprisonment of three years. If the thing is of value of one thousand naira he is liable to imprisonment of seven years. It is immaterial that the thing is obtained or its delivery is induced through the medium of a contract induce by false pretence. The offender cannot be arrested without warrant unless found committing it.”
Yahoo-Yahoo is an online fraud. The nickname Yahoo is traced back to the email service “Yahoo”. it became popular in Nigeria in the 2000s. Yahoo can be seen as the higher level of 419, the upgraded system of 419 because it is now done online without physical interactions . Both 419 and Yahoo are the same because it is a fraudulent act which is confirmed on the section 419 of the Nigeria criminal code act. . So Yahoo Yahoo can still be called 419 since it entails the action in chapter 38 section 419 of the Nigeria Criminal Code Act.
The financial fraudulence is caused by some factors which are; poverty, unemployment, peer pressure and discontentment.
Poverty is the state or condition of lacking the financial resources and essentials for certain standard of living. When people lack what they tend to have as humans such as clothing, shelter food they will go extra mile to get what they want because of the pressure on them . Unemployment is the percentage of the labour force that is jobless and seeking for employment. When they do not see a job to do they therefore involve in Internet fraudulence. Peer pressure is another cause, some people are well to do but because of the influence of the people they associate with it corrupt their manners making them to indulge in things that is unlawful. Discontentment is another cause, some people are not contented with what they have they are greedy and not satisfied hereby find a means to get what they want not minding the way they get it whether legally or illegally. They go a long way disguising online just to perform their fraudulent activities. With all these causes it does not still make it legal. Whether it is done on a low-key fraudulence is fraudulence.
This fraudulent behavior has caused a lot of harm to individual and the society at large. It has lead to untimely death of people because of the tension they had when they were defrauded, sickness due to the shock, loss of business because of the loss of their capital to fraudster. It is an act that is rampant among the youth because of discontentment they want to make quick money and be rich. 419 is not for a particular demography it is for all. It has inflict a lot if harm on individual and also affect the economy of the nation. The fraudster no longer see a bad idea in their atrocities because they believe that they are retrieving the money that the white men took from us and also the money that has been embezzled in the country forgetting the fact that it is not their duty to retrieve government money. Considering the effect of the financial fraudulence it had caused a lot of harm to people which some people can never forget in their entire life.
The financial fraudulence is very common in tertiary institution, because young adult wants to live flamboyant life, they want to ride exotic cars, live in well decorated and furnished room. Hereby indulge in Yahoo to make quick money. Peer pressure in schools when some students see their friends always going to eateries, throwing party and lavishing money, they will want to be like their Friends, so they join in the criminal act. Forgetting that there is time for Everything.
In order to put an end to the financial fraudulence, some precautionary measures should be made. Government should create public enlightenment programme to make the public aware of the act and it effect and also that everyone is prone to be a victim. Banks should create public awareness educating the public not to give out their personal information or details (ATM pin, BVN number etc) to anyone except on special cases required and to a known person.
Creating awareness reminding the people of the punishment attached to the crime. Enlightening people about entrepreneurial skills which will be of good help to them and help desist from the fraudulent act. The government should also create employment opportunities. All the social agent should preach against it, starting from the family, religious centre, schools and peer group. Whenever there is a case of fraudulence act it should be reported to the Economic and Financial Crime Commission (EFCC).
Finally, when financial fraudulence is curbed out it will help to groom responsible citizens and develop a healthy and great nation, The country will become developed the economy will be stable and criminal activities will abate. Businesses will flourish, employment opportunities will be available, economic stability and there will be healthy relationship between the rich and the poor because the nation is healthy.
– Eniwaye Hannah Valentine
Student, Mass Communication Department,
Prince Abubakar Audu University, Anyigba, Kogi State.
