Now, as people struggle to make ends meet with all means whether legally and/or otherwise, crime rate, insecurity, fraud, political instability is subscribed to be a daily report. These vices offend the moral standards of the community and the country, as a whole.
Counterfeit currency in Nigeria. Many people have fallen victims to fake money receipts because they don't know how to identify the counterfeit of their national currency.
There have been series of records of people falling victims, who run into irrecoverable loss of their hard-earned money on social media — even the recent one which got so many reactions from online users thereby prompting bankers, POS, and the public to be alert while making any transaction. Businesses can go bankrupt for the slightest negligence.
This is from a victim who recently lost ₦ 200,000 to a fraud. As he shared his experience:
"Please, let everyone be vigilant. I don't know from this POS business, whether I'm making gain at all or running a loss? Right here with me are fake ₦ 200,000 wrapped in two bundles of one thousand naira notes given to my shop attendant, which she tried to deposit GTBank but unknown to her that those bundles were counterfeit money with the same serial number on all the notes. She was notified by the bank while she was trying to do a deposit into the POS business account. It was too late for the bank to intervene, because the fraud had already withdrawn the money which was sent into his account, and gone away before she could notice. All those times I suffered to make profit amount to futility. He has gone away with the money I sweated to get". He lamented with great frustration.
