A Bank Verification Number (BVN) contains 11 digits. It’s issued to all Nigerian bank clients and connected to all their bank accounts across all Nigerian banks. The delicate nature of the number makes it a topic under the subject of fraud in Nigeria. But is a BVN scam possible?
Here, we’ll explore the possibilities of fraudsters scamming you if they have your BVN. But first, let’s understand the intention behind BVN issuance.
Why were we given BVNs?
The fundamental motivation behind issuing a unique identifier to banking customers is to halt the rising tide of identity theft inside the banking sector. Other BVN goals include:
ID card demystification
BVN serves as an alternative to card-based transaction authentication. It uses just biometric features and personal identification numbers (PINs).
Authentication
BVN is meant to authenticate the identification of customers at transaction points. BVN information also identifies and verifies all persons holding account(s) in any Nigerian bank.
Security and investigation
BVN is also for stifling the financial actions of wanted or criminal customers.
Coordinated identity
BVN gives a universally recognised and acknowledged means of identifying individual bank customers.
Is it possible to scam you using your BVN?
The security consciousness created around BVN constantly gets bank customers worried about fraud. Several stories of people getting their…
