Facts People Don't Know About BVN(Bank Verification Number)

Bank Verification Number popularly called BVN is a biometric identification system implemented to curb illegal banking transaction.


It is security measure introduced by Central Bank Of Nigeria(CBN) to reduce fraud in banking system.


The system works by recording fingerprints, facial photographs of the clients and other information like address , signature, date of birth etc.


The Bank Verification Number is a personal stuff which shouldn’t be shared but if it is shared it doesn’t mean someone will withdraw your money.


The only thing that could happen when people have access to your Bank Verification Number is to know your details like your residential address, Date of birth, Bank you enrolled for the BVN, Your Bank and all other information you entered.


A scammer can’t clear your account solely with BVN but can use the phone number he saw in your details to call you and try to trick you to get the needed information like your ATM details, ATM pin , OTP( Ome Time Password) and if you fall for that and give out the information then your money is gone.


Don’t give it out but if mistakenly it goes out, don’t panic but don’t give information to anybody Calling you and claiming that he or she is a customers care from your bank and ask for other details.


BVN number is just for identification and a source for your information in the national database.


BVN number cannot be used to transfer money from your bank accounts but ATM details and pins can so fear not when some get your BVN but still protect it.

Admin

Saturday 4th of July 2020

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