Central Bank of Nigeria, CBN has disclosed that fraudulent elements in the society have taken advantage of the newly introduced Bank Verification Number, BVN in the financial system to defraud unsuspecting members of the public of their hard earned money.
A statement issued yesterday, signed by the apex bank’s spokesperson, Mr. Ibrahim Mu’azu, cautioned individuals against revealing their personal details with which the fraudsters intend to defraud them.
According to him, “following repeated complaints from bank customers over unsolicited mails and text messages, alerting them to the deactivation or suspension of their bank accounts due to uncompleted BVN registration process, the CBN has again cautioned customers to beware of fraudsters.”
An example of such messages reads thus: ‘Dear customer, due to the new BVN policy by the CBN, your account has been deactivated and to reactivate, call…”
CBN said those messages were intended to lure bank account holders to reveal their personal details to provide the fraudsters leeway to defraud them.
Mu’azu, however, warned that the CBN, deposit money banks, employees or agents would never call bank customers or send e-mail/text messages requesting for passwords, card details or personal identification number, PIN.
He therefore urged bank customers to approach their respective banks on any issue bordering on the disclosure of personal bank details. BVN is a unique identity number that can be verified across the Nigerian banking industry.
BVN was inaugurated in February 2014 with the aim of protecting customers’ accounts from unauthorized access to reduce the incidence of theft and exposure to fraud and enhance Know Your Customer, KYC in the Nigerian financial system.

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