Jane Salihu
The Inspector-General of Police, Olatunji Rilwan Disu, has warned that the speed at which cybercriminals move stolen funds across digital platforms and international borders is exposing gaps in law enforcement response, calling for faster intelligence sharing and prompt reporting of cyberattacks by financial institutions.
Disu said emerging threats, including cryptocurrency laundering, ransomware and Artificial Intelligence (AI)-enabled fraud, require a shift from conventional investigations to intelligence-driven and technology-based policing.
He spoke through the Assistant Inspector-General of Police in charge of Training and Development, Uche Ifeanyi Henry, during the second edition of the International Cybersecurity Conference, where he delivered a presentation titled “From AI-Enabled Cybercrime to Cross-Border Crypto Laundering: Building Resilient Digital Investigations.”
The IGP observed that financial crimes had evolved beyond physical theft, armed robbery and fraudulent documentation to sophisticated digital operations capable of infiltrating financial systems, stealing sensitive information and concealing illicit proceeds across multiple jurisdictions.
“The trend is no longer the same. The armed robbers we used to have on the streets have moved from the streets into the operational room,” he said.
Disu identified AI-generated deepfakes, identity theft, phishing, business impersonation, disinformation and ransomware as major tools being exploited by criminals to deceive individuals and organisations.
He explained that criminals could use AI to create convincing images, videos and voice recordings of corporate executives and other prominent figures to manipulate victims into transferring money or revealing confidential information.
Of particular concern, he said, was the failure of some financial institutions to report cyberattacks promptly, a situation that could delay investigations, give perpetrators time to cover their tracks and reduce the chances of recovering stolen assets.
“When it is not reported, how can they get help?” he asked, urging affected institutions to notify the relevant authorities immediately after detecting a cyber incident.
According to him, early reporting would allow investigators to trace suspicious transactions, assist affected customers, preserve digital evidence and take timely steps to contain further losses.
The police chief also warned organisations against assuming that paying ransom would guarantee the recovery of encrypted files or the return of stolen assets.
He explained that ransomware perpetrators typically infiltrate computer systems, encrypt critical data and demand payment before promising to restore access, while victims could still lose their information or have sensitive records exposed even after paying.
Disu said the consequences of such attacks extended beyond financial losses to include service disruptions, compromised confidential information and damage to public confidence in digital transactions.
On cryptocurrency-related offences, he identified crypto mixers and tumblers as additional obstacles to financial investigations because they can obscure the transaction trails investigators rely on to identify the origin and destination of illicit funds.
He noted that criminals could move digital assets through multiple accounts and jurisdictions, complicating efforts to identify beneficiaries and recover proceeds before they were transferred further.
“The speed of financial crime today is astronomical, and the victims are not limited by borders, whereas our law enforcement response is slow,” he said.
Disu attributed part of the challenge to bureaucratic bottlenecks and delays in international cooperation, warning that criminals could exploit the time it takes agencies in different countries to exchange information and coordinate investigations.
He called for stronger cross-border partnerships and streamlined investigative procedures to enable security agencies to respond at the pace of digital financial transactions.
The IGP further raised concerns over the growing organisation of cybercriminal networks, noting that some recruit specialised personnel and exploit technological advances to evade detection. He also expressed concern about the involvement of young people, including underage individuals, in online criminal activities.
He said the growing threat required a combination of law enforcement, public education and preventive measures to discourage recruitment into cybercrime and strengthen awareness of digital risks.
Beyond individual victims, Disu warned that cybercrime could undermine confidence in electronic payments, discourage investment, constrain innovation and weaken efforts to expand financial inclusion.
“Trust is invisible, yet every financial transaction depends on it,” he said.
He urged financial institutions, law enforcement agencies and technology providers to deepen cooperation, improve intelligence sharing and invest in digital forensic capabilities to strengthen the investigation and prosecution of technology-enabled offences.
Disu also called for security agencies to deploy advanced tools capable of detecting suspicious patterns, anticipating attacks and identifying threats before they escalate.
“Our response must be predictive, not just reactive; automated, not just manual; and intelligence-driven, not just word-based,” he said.
He stressed that the fight against emerging cyber threats must move beyond responding to attacks after they occur, noting that timely reporting, stronger technical capacity and coordinated international action were critical to protecting the digital financial ecosystem.
