By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: Fraudsters manipulate BVN to steal N329m from banks
Share
Sign In
Notification Show More
Latest News
Make public, FCT Area Councils’ funding, lawyers charge Wike
Judiciary Legal/Courts Metro News
Institutional Resilience Key to Africa’s Future – Cardoso
Business Economy News
NATCOM-UNESCO, security agencies advocate peace education
Civil Society Organisations News
Former NNPCL CFO Dismisses Reports of EFCC Detention on Fraud Charges
Business News Oil & Gas
Abia Assembly passes 37 bills in 2 years
Legal/Courts Metro News Politics
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > News > Crime > Fraudsters manipulate BVN to steal N329m from banks
BusinessCrimeInsecurityMetroNews

Fraudsters manipulate BVN to steal N329m from banks

Publisher
By Publisher Published March 3, 2025
Share
2 Min Read
SHARE

The Nigeria Inter-Bank Settlement System reveals how fraudsters stole N329m through the use of static images to register for Bank Verification Numbers (BVNs).

The report outlines emerging fraud trends in Nigeria’s financial sector.

It says some unscrupulous BVN enrollment agents facilitated the scheme by registering still images of individuals, both Nigerians and foreigners, as live enrollees.

- Advertisement -
Ad image

The BVNs were then used to open fraudulent accounts across microfinance banks, mobile money operators, and payment service banks.

The fraud led to siphoning of the sum of N329m just days after the BVNs were generated and the fake accounts were created.

The BVNs created using static images were assigned Nigerian names, which made it difficult to detect their fraudulent nature during the enrolment process.

The discovery led to the deletion of several fraudulently created BVNs, and the agents involved have been reported to law enforcement agencies for arrest and prosecution.

According to the report, still images of Asians and Nigerians are taken and enrolled for BVN by recalcitrant agents and accounts are opened with the BVNs in MFBs, MMOs, and PSBs.

“More BVNs created with still images of Asians are given Nigerian names these were discovered during reviews and subsequently deleted. Agents were reported to LEAs for arrest and prosecution,” the NIBSS report says, adding that the total amount lost to fraud in 2024 surged to N52.26bn, representing a 350 per cent increase from N11.61bn recorded in 2020.

Like this:

Like Loading...

Related

You Might Also Like

Make public, FCT Area Councils’ funding, lawyers charge Wike

Institutional Resilience Key to Africa’s Future – Cardoso

NATCOM-UNESCO, security agencies advocate peace education

Former NNPCL CFO Dismisses Reports of EFCC Detention on Fraud Charges

Abia Assembly passes 37 bills in 2 years

TAGGED: Banks, BVN, Central Bank of Nigeria, fraudsters

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher March 3, 2025
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Afenifere youth leader regains freedom after 12 days in captivity
Next Article Trump signs executive order making English official language in U.S
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

Make public, FCT Area Councils’ funding, lawyers charge Wike
Judiciary Legal/Courts Metro News June 26, 2025
Institutional Resilience Key to Africa’s Future – Cardoso
Business Economy News June 26, 2025
NATCOM-UNESCO, security agencies advocate peace education
Civil Society Organisations News June 25, 2025
Former NNPCL CFO Dismisses Reports of EFCC Detention on Fraud Charges
Business News Oil & Gas June 25, 2025

You Might also Like

JudiciaryLegal/CourtsMetroNews

Make public, FCT Area Councils’ funding, lawyers charge Wike

June 26, 2025
BusinessEconomyNews

Institutional Resilience Key to Africa’s Future – Cardoso

June 26, 2025
Civil Society OrganisationsNews

NATCOM-UNESCO, security agencies advocate peace education

June 25, 2025
BusinessNewsOil & Gas

Former NNPCL CFO Dismisses Reports of EFCC Detention on Fraud Charges

June 25, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d