isoe.substack.com/p/alchemists-and-blood-merchants-part-659
1 correction found
in the United Kingdom, the scams perpetrated by Yahoo boys accounted for over 9.3 billion pounds targeted at both individuals and businesses.
The £9.3bn figure appears to be a currency mix-up: the referenced UK scam-loss estimate is £7.5bn (about $9.3bn), and it is not attributed specifically to “Yahoo boys.”
Full reasoning
Why this is incorrect
The post claims that Yahoo boys’ scams in the UK “accounted for over 9.3 billion pounds.” Credible reporting and the underlying UK survey summary from Cifas/GASA indicate the estimate is £7.5 billion, with $9.3 billion given as the USD equivalent—not £9.3 billion.
Additionally, the Cifas/GASA material describes overall scam/identity-theft victimization in the UK population (based on a survey of British citizens). It does not attribute that entire estimated amount specifically to Nigerian “Yahoo boys.”
What the evidence shows
- Cifas’s newsroom summary of the GASA survey states losses were “approximated at £7.5 billion” over 12 months.
- Infosecurity Magazine’s write-up of the same report explicitly presents the estimate as £7.5bn ($9.3bn), making clear that “9.3bn” is the dollar figure.
Therefore, the post’s statement is contradicted on two points: (1) the currency amount (£9.3bn vs £7.5bn) and (2) the attribution to “Yahoo boys.”
2 sources
- £7.5 billion stolen as 1 in 10 Britons fall victim to scams in 12 months | Cifas
...10% of Britons lost money to scams or identity theft in the last 12 months, culminating in financial losses approximated at £7.5 billion.
- Brits Lose $9.3bn to Scams in a Year - Infosecurity Magazine
...amounting to estimated losses of £7.5bn ($9.3bn), according to a new report... Compiled by... GASA and... Cifas...