BACKGROUND INFORMATION
We all know that Bank Verification Number (BVN) registration exercise that was initially supposed to close on the 30th of Jun, 2015 was extended to the 31st of October 2015 as a result of an alarming percentage of bank customers yet to register. BVN, which is a biometric authentication of each bank customer, especially those who make electronic and cashless transfer through a unique set of digits, was introduced by the apex bank to enable them:
- strengthen the security of banking transactions and to ensure that fraudulent transactions are minimised, if not totally eliminated.
- simplify banking operations especially inter-bank transfers , improve services and reduce unnecessary queues within banking halls.
- enhance credit advancement to bank customers
- improve national financial intelligence gathering.
TRENDING
As seen on cbn.gov.ng, Central Bank of Nigeria has warned bank customers to be cautious of scam emails alerting them of closure of their accounts due to incomplete BVN registration all in a bid to lure them to reveal their account information. An example of such message will read in part...“Dear customer, due to the new BVN
policy by the CBN your account has been deactivated and to reactivate, call……”
Find an extract of the statement released on friday by the apex bank,
“It has come to the notice of the CBN that certain unscrupulous individuals have been sending unsolicited mails and text messages to unsuspecting bank customers, alerting them to the deactivation or suspension of their bank accounts due to uncompleted BVN registration process.
“The CBN wishes to warn individuals and the general public that those messages are intended to lure bank account holders to reveal their personal details which the fraudsters could use to defraud them.”
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