CBEX Crash: 4 Steps to Take if You Submitted NIN, Passport Details
- Some significant issues have been raised by people who invested and lost money on CBEX, a Ponzi scheme disguised as an investment trading platform that recently crashed
- CBEX investors have cried out that they were asked to upload two photos for account verification while trying to withdraw their funds
- To upload their NIN slip or passport details and another photo of them holding the same ID
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Legit.ng journalist Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues
Before the sudden collapse of CBEX, the investment trading platform asked investors trying to withdraw their funds to upload two photos for account verification.
It was gathered that one photo is to show a clear snapshot of their NIN slip or passport details.
Source: Twitter
As reported by DUBAWA, a fact checking platform, the second photo is to show the investors holding the same ID.
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Some investors alleged that they submitted their Bank Verification Number (BVN) and other sensitive data to CBEX during registration.
Fraudsters can do a lot with personal data such as NIN and BVN. They can be used for fraudulent activities if they fall into the wrong hands.
Fraudulent activities include attempts to open accounts or take loans in the holder’s name, use data for phishing attacks, and sell or reuse it across multiple scam networks.
Below are four quick steps to take if you submitted your NIN, passport details to CBEX before it crashed.
Report to NIMC or NIS
CBEX victims who submitted their NIN are encouraged to contact the National Identity Management Commission (NIMC) to report a possible breach.
Dubawa reported that while NINs can’t be changed, NIMC may flag your record and advise on the next steps to prevent misuse.
Similarly, those who submit their international passport details are to contact the nearest Nigeria Immigration Service (NIS) office in their location.
Alert your bank(s)
Notify your bank right away if you submitted your Bank Verification Number (BVN) to CBEX.
CBEX investors are advised to request transaction alerts and ask for BVN monitoring.
They are also advise to ensure no new accounts or loans are opened and that they are notified about all transactions.
This may help stop fraud before it happens.
Report to NDPC for data breach support
It is advisable to complain to the Nigeria Data Protection Commission (NDPC), which oversees data protection in Nigeria.
Report to NDPC for data breach support if you submit sensitive information to CBEX during registration or withdrawal
Be alert, but don’t panic
Finally, scammers may use submitted data to impersonate or attempt to defraud. Be cautious of calls or emails asking for more personal information.
You should also be careful of suspicious messages and don’t click on unknown links you may receive as text messages or WhatsApp chats.
CBEX are advised to take responsibility to protect their personal data and identity.
CBEX: EFCC, SEC take action against Ponzi schemes
Meanwhile, Legit.ng reported that the Economic and Financial Crimes Commission (EFCC) said CBEX investors were going to get their money back.
The Securities and Exchange Commission (SEC) said it would commence investigation as to where the operators are and hunt them down.
The two federal government agencies vowed to hunt down operators of Ponzi schemes across the country.
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Source: Legit.ng
