Empirical Study of Cryptocurrency Scam Victimisation Patterns Among Nigerian Youth in Lagos and Abuja

Cryptocurrency scams have become one of the fastest-growing financial crimes targeting Nigerian youth, driven by high cryptocurrency adoption and inadequate consumer protection, and empirically characterising victimisation patterns and losses provides evidence for protective policy. This study empirically examined cryptocurrency scam victimisation among youth aged 18 to 35 in Lagos and Abuja. A cross-sectional survey was conducted among 320 participants recruited through cryptocurrency community networks and university settings. The questionnaire assessed cryptocurrency investment experience, scam victimisation, scam type, financial loss, recovery attempts, and psychological impact. Logistic regression identified victimisation predictors. Results showed that 41.9 percent had been victimised by at least one cryptocurrency scam. Ponzi schemes disguised as cryptocurrency investment were the most prevalent type (48.5 percent of scam experiences), followed by fake exchange fraud (27.9 percent) and romance-cryptocurrency hybrid scams (23.6 percent). Mean financial loss was 387,000 naira. Only 23.1 percent reported to SEC or EFCC. Psychological impact including anxiety and depression was reported by 68.7 percent. Investment experience duration was not a significant protective factor, suggesting sophisticated scam designs circumvent experience-based protection. Male youth were more likely to be victimised (OR = 1.78, p < 0.05). The study recommends a SEC-EFCC cryptocurrency consumer protection campaign, mandatory cryptocurrency literacy at university orientation, and licensing requirements for cryptocurrency platforms targeting Nigerian users. Keywords: cryptocurrency scams, youth victimisation, financial loss, Nigeria, investment fraud