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BVN

Alert: If you have BVN with any Nigerian bank, this is for you

If you’re using Nigerian Bank and have BVN, kindly read this prompt.

There’s this Scam attempt going on in Nigeria since the outbreak of Coronavirus. The message goes thus:

“The Federal government of Nigeria has decided to help the citizens with some stipend to help them is the shutdown of markets and other business engagements that has made life difficult for most of the citizens in the country.

They have mapped out the sum of 8500 nairas for every citizen that has BVN.”

Please, disregard this message and don’t disclose your BVN to anybody or input in any Link.

What’s BVN

The Bank Verification Number commonly called BVN is a biometric identification system implemented by the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria. It is a modern security measure in line with the Central Bank of Nigeria Act 1958 to reduce fraud in the banking system.

The system works by recording fingerprints and a facial photograph of the client.

Issues arose where fraudsters attempted to use the launch of the system to phish for customers’ bank details.

BVN is your financial ID card, anyone that has access to it could use it to get all your financial information and use it for fraudulent purposes.

With your BVN, fraudsters can get your account number, the phone number you use for OTP and the rest of your financial information. With these details, they can take loans on your behalf without your knowledge, use your ATM cards to purchase items online and even withdraw/transfer money from your account.

Ensure you protect your BVN it could save you a lot of stress and money.

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