Bank Verification Number – BVN is a biometric identification system introduced 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 Decree to reduce fraud in the Nigeria banking system.
Most bank managements always caution their customers to avoid the disclosure of their BVN to anyone. A teacher in one of the primary schools in Orlu (name withheld) was last Sunday thrown into a state of confusion after receiving an alert from the bank she operates that a withdrawal has been made by which all the money in the account disappeared.
“I received a text message requesting for my BVN for verification and also promised to credit my account with N300, 000. So I later replied to the message, sending my BVN. The message carried the name of the bank where I operate as the sender, which gave me the confidence to send the number since it came from my bank”.
According to her, 15 minutes after sending the BVN, she got an alert disclosing that she had made a withdrawal of the whole money in her account. When asked if she had contacted the management of the bank, she said, “Immediately I got the withdrawal alert, I contacted the manager of the bank in Orlu where I opened the account and he confirmed to me that they are fraudsters”.
Those who spoke to The Leader condemned the quick response by the victim to release her BVN, adding that she would have confirmed from the bank before giving a reply. Many others have revealed that they always receive such fraudulent messages requesting for their verification Number but did not give attention to it.
The public is therefore advised to verify any such requests from the bank where they operate, especially when they receive messages not from a reliable source demanding for their bank details, as many unsuspecting people have been duped through the BVN system.