Netizens In Shock As ₦329 Million Is Stolen Through BVN Fraud

A recent report by the Nigeria Inter-Bank Settlement System (NIBSS) has exposed a sophisticated fraud scheme where criminals stole ₦329 million by using static images to register for Bank Verification Numbers (BVNs).…….READ MORE 

According to the report, fraudulent BVN enrollment agents were involved in registering still images of Nigerians and foreigners, making it appear as though they were real enrollees. These BVNs were then used to open fake accounts across microfinance banks, mobile money operators, and payment service banks, facilitating fraudulent transactions amounting to ₦329 million within days.

Investigations revealed that some of these BVNs were assigned Nigerian names, making them difficult to detect. However, authorities later identified and deleted the fraudulently created BVNs, and implicated agents were reported to law enforcement for possible prosecution.

The NIBSS report also highlighted a sharp increase in financial fraud, with total losses in 2024 rising to ₦52.26 billion—an alarming 350% increase from ₦11.61 billion in 2020. This surge has been attributed to advanced fraud techniques, system vulnerabilities, and high-value fraud cases.

To curb BVN-related fraud, the Central Bank of Nigeria has now mandated that financial institutions report fraudulent BVNs to NIBSS within 24 hours of detection.