A cybersecurity and financial risk specialist, Precious Ogundu, said the Financial Intelligence and Market Data Tracking for Investigating Crypto Fraud (FIMTIC) is designed specifically to detect and prevent crypto-related frauds.
Disclosing this yesterday in Lagos, Ogundu said the innovation combines wallet verification, real-time market data tracking and investor education tools to help individuals, institutions and regulators to identify suspicious activities early. She noted that as the financial market continues its digital transformation with cryptocurrency adoption, cross-border payments and algorithmic trading, the risk of financial fraud has increased.
From fake investment apps and Ponzi coins to sophisticated wallet scams, the threat to investor safety is both national and global. Ogundu highlighted reports from the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC), stating that Nigeria recorded over N240 billion losses to crypto-related fraud between Q1 2024 and Q2 2025.
The scams include rug pulls, phishing tokens and impersonation using deepfakes.
“The problem is not just tech, it is awareness. Most Nigerians do not lose money because they are careless. They lose it because no one taught them how to ask the right questions,” she said.
FIMTIC’s features include a wallet verification engine to assess the credibility and risk profile of crypto wallets before transactions, a market data monitor providing information for the top 10 markets globally with corporate actions and news updates and an investor education hub offering materials to help investors to avoid deceptive practices.
The platform integrates machine learning, decentralised finance (DeFi) monitoring and real-time regulatory mapping. It is currently under review by the Central Bank of Nigeria’s (CBN) Financial Innovation Unit, with partnerships being discussed with fintech firms.
Through the CYPFiRC initiative, Ogundu has reached hundreds of students, professionals and public sector actors with simulation-based training in financial fraud detection, compliance, ethical investing and KYC design.
These, she said, are vital to building a generation of financially-aware citizens capable of identifying and resisting fraudulent schemes.
Looking ahead, the platform will incorporate autonomous smart agents to scan decentralised exchanges in real time, flag suspicious pools, wallet clusters and mixing services.
