Fintech Fraud: How Finnew Fintech Limited Shared Woman’s Information With Third Party Agent, Emmanuel Samuel, In Order To Defraud Her Through Harassment And Blackmail

Secrets Reporters

In Nigeria, loan apps have become a common way for people to obtain quick cash to address financial challenges, with the option to repay later. This practice has been facilitated by technological advancements.

These loan apps generate revenue through interest on borrowed loans and by providing other financial services to users. Recently, however, they have started engaging in fraudulent activities to maximise their profits.

When users borrow money through these apps, they often grant the apps access to all the contacts on their phones. This allows the loan apps to compile a large database of contacts to target for fraudulent activities.

The process typically involves sharing the contact information obtained from a user with loan recovery agents. These agents then employ unconventional and unethical methods to extort money by falsely claiming that the user has taken a loan and failed to repay it.

Some of these methods include insults, threats, and constant harassment via calls and text messages. If the agents have the user’s name, they search for them on social media and start spreading false information to their contacts. They may even go so far as to create and post an obituary flyer or a notice falsely claiming the user is HIV positive, thereby defaming their character and pressuring them into paying the demanded amount. Once the ransom is paid, the agents move on to their next victim.

This was the case with Finnew Fintech Limited, an app that provides various financial services, including loans, and has recently started defrauding innocent individuals through the aforementioned unethical methods.

It was discovered that in an attempt to extort a victim into repaying a loan of 15,000 Naira, which she never took, Finnew Fintech used Mr. Emmanuel Samuel for their illicit activities, often to deny liability in the event of legal issues.

According to a victim who chose to remain anonymous, she was scrolling through her social media page on her phone one Tuesday morning when she received a message on WhatsApp from an unregistered phone number (+2340746413770). A search of the number using a third-party app revealed Emmanuel Samuel as the owner.

The message threatened her, claiming she was the only one left to repay her loan and warning that things would not end well if she did not comply. The sender also threatened to create an obituary flyer with her picture and to block her BVN.

The message reads “you are playing with fire🔥🔥you will get burnt very soon, you are the only customer yet to clear the due loan today⚠️❌your delay is a threat to our business growth and its not going to end well with you. pay your loan now avoid disgrace, your picture will start going viral soon as obituary picture and your bvn will blocked.”

She said that upon seeing the message, she was shocked and couldn’t recall ever taking a loan from anyone or any app.

To get clarity, she inquired about which loan the sender was referring to and whether the message was indeed meant for her, suspecting that a typographical error in the phone number might have caused the confusion. However, the response she received filled her with fear, as the sender made a voice note warning her that if she delayed the payment, he would make her life uncomfortable. He shouted and demanded the payment.

To gather more information from the fraudster and to make sense of the situation, she further asked for account details and an account number to which the money should be sent. The fraudster then provided the following information.

 “Dear Asamma Luke, your loan amount of 15,000 has not been settled yet. Kindly use the repayment code 8839852393 (Wema Bank) to repay. Thank you.” followed by the account details; “8839852393, Bank Wema, Account name; Finnew Fintech. A check on the account name revealed that it was a financial technology app (Finnew Fintech Limited) that renders loans as part of its services.

It then dawned on her that the company had given her details to the number (+2340746413770, Emmanuel Samuel) with the intent to defraud her, after accessing the contact information of Asamma Luke, who must have used their services and granted them access to his contact information. She noted that she does not know Asamma Luke.

She said that after realising this, he continued sending several threatening voice notes, including insults on her and her mum, she then asked him if he wanted to sleep in a cell. He, however, responded to her question with a warning that the company would post her picture everywhere. “this company will post you everywhere.” She further asked for evidence that she owed them money, and all he said was, “All your contacts will show you with your picture” and “this company will damage you your IMAGE”. She responded that he should get ready for a legal battle. She added that the victim sent her a one time view image of her picture with the caption “HIV positive.”

However, the fraudster working for Finnew Fintech Limited continued to send her threatening messages with the intent to defraud her.