US-based Nigerian cybersecurity expert raises alarm over AI-powered cyber threats

The increasing adoption of Artificial Intelligence (AI) by cybercriminals has raised concerns among experts, who warn that these sophisticated threats pose significant risks to individuals, businesses, and Nigeria’s growing digital economy.

US-based Nigerian cybersecurity expert, Temitope Adeniyan, highlights the rapid evolution of AI-powered cyber threats, including automated attacks, refined phishing schemes, and highly realistic deepfake impersonations.

Temitope, who made this comment during a virtual engagement with journalists, hinted that malicious actors now leverage AI to analyse corporate communication patterns, crafting fraudulent emails that are nearly indistinguishable from genuine correspondence.

This has led to a surge in, among other things, Business Email Compromise (BEC) attacks, where unsuspecting employees are tricked into approving unauthorized financial transactions, she said.

Reports show that 61% of organizations saw an increase in deepfake attacks over the past year, a trend that increased from 50% to 60% in 2024, with 140,000 to 150,000 global incidents, according to (VPNRanks).

According to Deep Instinct statistics, 75% of deepfakes impersonated a Chief Executive Officer or other C-suite executive. Data by Deloitte showed that AI will multiply losses from deepfakes and other attacks by 32% to $40 billion annually by 2027.

Already, the Federal Bureau of Investigation (FBI) found that in 2023, impersonation scams cost $12.5 billion in losses nationally.

Temitiope warned that AI-driven credential-stuffing attacks are becoming more prevalent, allowing cybercriminals to breach enterprise systems with alarming efficiency.

According to her, Nigeria’s digital economy faces significant risks from AI-powered fraud schemes targeting mobile payment platforms, e-commerce infrastructures, and digital banking systems.

“Small and Medium-sized Enterprises (SMEs), which often lack enterprise-grade security, are particularly vulnerable. The rise of synthetic identity fraud, where AI generates fake identities that pass verification checks, is also an emerging threat to financial institutions. Cybercriminals are now using AI to generate highly convincing fake customer profiles, allowing them to carry out financial fraud at an unprecedented scale,” she said.

Temitope pointed out the growing threat of AI-generated deepfakes being weaponised for political disinformation, reputational attacks, and financial scams.

“With AI models capable of cloning voices and faces with minimal data samples, criminals can manipulate public figures, executives, and individuals to spread misinformation or extort victims,” she stated.

To combat these threats, she emphasised the need for organizations to integrate AI-driven security measures, including AI-powered threat intelligence, zero trust architecture, behavioural biometrics, and automated incident response mechanisms. 

She also stressed the importance of regulatory compliance and AI governance to ensure ethical AI usage and data privacy protection.

In addition, she posited that businesses must implement continuous employee cybersecurity training to recognize AI-enhanced phishing attempts and fraudulent communications.

Temitope called on regulatory agencies to implement robust AI governance frameworks and encourage collaboration between financial institutions, telecom providers, and cybersecurity agencies.

She said: “By developing AI-powered fraud detection models and investing in AI-driven forensic capabilities, organisations can mitigate the escalating risks posed by AI-driven cyber threats.

“As such, Nigerian policymakers must enforce stricter regulations on AI-generated content and establish verification mechanisms for detecting deepfake media. Temitope further emphasised the need for international cooperation in combating AI-driven cybercrime, as many attacks originate from global threat actors operating across jurisdictions.

Strengthening cross-border cybersecurity collaboration and intelligence sharing, she states, will be crucial in countering sophisticated AI-powered cyber threats, she said.

As AI evolves, Temitope urges businesses and individuals to stay vigilant, adopt adaptive security strategies, and support regulatory efforts against cyber risks.

She advised verifying communications, enabling Multi-Factor Authentication (MFA), and educating employees on AI threats like phishing and scam chatbots.

By implementing these measures, she assures that individuals and businesses can stay ahead of AI-driven scams and protect their digital assets.

Temitope concludes by stating that strengthening industry-wide collaboration and regulatory safeguards will be crucial in fortifying Nigeria’s digital economy against these evolving threats.

“With proactive defence strategies and global cooperation, she believes that AI can be leveraged to enhance cybersecurity rather than be exploited for malicious purposes,” she said.