…Urges Banks To Report Cyberattacks Promptly
The Inspector-General of Police, IGP Olatunji Rilwan Disu, has identified cryptocurrency laundering, ransomware attacks and Artificial Intelligence (AI)-enabled fraud as emerging security threats, calling for stronger collaboration between law enforcement agencies, financial institutions and technology providers to combat the growing menace.
Disu, represented by Assistant Inspector-General of Police Uche Ifeanyi Henry of the Department of Training and Development, Nigeria Police Force, made this known while delivering a presentation titled “From AI-Enabled Cybercrime to Cross-Border Crypto Laundering: Building Resilient Digital Investigations” at the second edition of the International Cybersecurity Conference.
The IGP said financial crimes had evolved beyond traditional offences such as armed robbery, physical theft, counterfeit currency and fraudulent documentation to sophisticated digital operations capable of compromising bank accounts, infiltrating financial systems and concealing illicit funds across international borders.
He noted that cybercriminals were increasingly exploiting internet-connected devices, computers and emerging technologies to perpetrate fraud remotely, making conventional investigative approaches inadequate for addressing the growing complexity of digital crimes.
“The trend is no longer the same. The armed robbers we used to have on the streets have moved from the streets into the operational room,” he said.
Disu identified AI-generated deepfakes, identity theft, phishing, business impersonation, disinformation and ransomware as some of the emerging methods criminals were deploying to deceive victims, steal sensitive information and gain unauthorised access to financial systems.
He explained that AI tools could be used to generate convincing images, videos and voices of prominent individuals, including corporate executives, to mislead unsuspecting victims into transferring money or disclosing confidential information.
The police chief expressed particular concern over ransomware attacks, in which cybercriminals infiltrate computer systems, encrypt critical data and demand ransom payments in exchange for restoring access.
He warned that the failure of some financial institutions to report cyberattacks promptly could hamper investigations, delay intervention and give criminals more time to conceal stolen funds or destroy compromised data.
“When it is not reported, how can they get help?” he asked, stressing the need for affected institutions to notify the relevant authorities as soon as cyber incidents are detected.
According to him, prompt reporting would enable law enforcement agencies to initiate investigations, support affected customers, trace criminal activities and improve the chances of containing the damage.
He also cautioned that paying ransom did not guarantee the recovery of encrypted data or the return of stolen assets, drawing a comparison between ransomware attacks and kidnapping, where criminals hold valuable assets or information hostage to extort victims.
The IGP said ransomware attacks had become a serious concern because the consequences extended beyond immediate financial losses to include the destruction of critical information, disruption of services and the possible exposure of sensitive data.
He therefore called for stronger partnerships between the police, financial institutions and technology solution providers to improve cybersecurity, strengthen incident response and develop the technical expertise required to investigate increasingly sophisticated digital offences.
On cryptocurrency-related crimes, Disu identified the use of crypto mixers and tumblers as a major challenge for investigators seeking to trace the movement and origin of illicit digital assets.
He explained that such services could obscure transaction trails by combining or reshuffling cryptocurrency transactions, making it more difficult for investigators to establish the source of funds, identify beneficiaries and recover proceeds of crime.
The IGP added that the cross-border nature of cryptocurrency transactions further complicated investigations, particularly when criminals moved funds across multiple jurisdictions before law enforcement agencies could respond.
“The speed of financial crime today is astronomical, and the victims are not limited by borders, whereas our law enforcement response is slow,” he said.
He noted that bureaucratic procedures and delays in international cooperation could undermine efforts to trace and recover stolen assets, urging law enforcement agencies to strengthen international engagement and streamline investigative protocols.
Disu further observed that contemporary criminal networks were becoming increasingly organised, adopting sophisticated technologies, recruiting specialised personnel and adapting their methods to evade detection.
He also expressed concern over the recruitment of young people, including underage individuals, into cybercriminal activities, warning that the evolving nature of online fraud required sustained enforcement, public awareness and preventive measures.
The police chief stressed that the implications of financial crime went beyond monetary losses, noting that criminal activities could undermine public confidence in digital transactions, discourage investment, weaken innovation and threaten financial inclusion.
“Trust is invisible, yet every financial transaction depends on it,” he said, underscoring the importance of protecting the integrity of the digital financial ecosystem.
He called for increased investment in digital forensic capabilities, intelligence sharing and technology-driven investigations to enable law enforcement agencies to respond more effectively to cybercrime.
Disu maintained that the growing use of AI by criminals required security agencies to adopt equally advanced tools to identify suspicious activities, anticipate threats and respond before attacks escalate.
“Our response must be predictive, not just reactive; automated, not just manual; and intelligence-driven, not just word-based,” he said.
He urged stakeholders to move beyond incident response towards proactive threat detection, emphasising that sustained cooperation, timely reporting and improved technical capacity were essential to building resilient digital investigations and tackling AI-enabled cybercrime and cross-border cryptocurrency laundering.
