BREAKING: Fraudsters Steal N329m Using Images for BVN Enrolment




Fraudsters have stolen N329m by using static images to register for Bank Verification Numbers.


This is according to a new report by the Nigeria Inter-Bank Settlement System, which outlines emerging fraud trends in Nigeria’s financial sector.


According to the report obtained by Sunday PUNCH, some unscrupulous BVN enrollment agents facilitated the scheme by registering still images of individuals, both Nigerians and foreigners, as live enrollees.


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


The fraudulent scheme enabled transactions involving the N329m just days after the BVNs were generated and the fake accounts were created.


Investigations showed that some of 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.


The report read, “Still images of Asians and Nigerians are taken and enrolled for BVN by recalcitrant agents. Accounts are opened with these BVNs in MFBs, MMOs, and PSBs.



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