Nigeria’s notorious “Yahoo Boys” are back in the global spotlight after Bloomberg explored how internet fraudsters have evolved from underground scammers into local celebrities in parts of the country.
According to Bloomberg, romance scams, investment fraud and other online schemes have become part of a booming global scam economy that reportedly cost victims about $442 billion in 2025. The report argues that while technology, artificial intelligence and deepfakes are accelerating online fraud, human manipulation remains the scammers’ most powerful weapon.
Bloomberg notes that some fraudsters have gained social status by flaunting wealth on social media, reflecting a hustle culture shaped by economic hardship and limited opportunities. The report also highlights the growing sophistication of global scam networks, as authorities worldwide struggle to keep pace with rapidly evolving cybercrime tactics.
NEWS NOW:
