Bank Verification Number abbreviated as 'BVN' is a biometric identification system introduced, implemented and enforced on all banks by the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria.
Identity theft and fraudulent transactions have become a menace to the global banking system in recent times. In order to ensure trust relationship in the Nigerian banking system is not undermined, The Central Bank of Nigeria in collaboration with all Nigerian Banks launched Bank Verification Number (BVN) project in February 14, 2014.
BVN 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.
The BVN uniquely identifies every customer across the Nigeria Banking industry using biometric details. It is a requirement for operating a bank account in Nigeria as no withdrawal shall be made on accounts without validated BVN (customers in diaspora accounts were exempted till January 31, 2016).
Right from the time BVN came into existence, we've been hearing the rumors that anyone with your BVN number can cart all your money away and trying to educate people in what is the actual function of BVN is so frustrating.
According to the information obtained from workers in the banking system, BVN cannot be used to access your account without your consent.
The worse that could happen when someone has access to your BVN is to know your details (name, Date of birth, phone number, etc), listen, they can not transfer your money with it.
The best they could do is to call you and ask you for your ATM details and if you fall for that, that's when your money would be gone. That scam is no longer a new tale. We should all know by now that no staff of your bank would call asking for debit card details.
BVN number is just for identification and a source for your information in the national database. Developed Nations have such database as well.
Forget about the broadcasts causing panic about BVN. If you are still not convinced, go to your bank and reconfirm.
It is necessary that the BVN is required for the Npower registration , as the BVN contains verifiable data about the individual that is applying , in case of giving false information , while registering e.g date of birthday and other information that could be manipulate, so this can be verified through your BVN. That is why its Necessary before payments.
Now Can you be Scamed or defrauded with just your BVN number the Answer is NO . if its possible then the banks would have been short down by now.
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