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BVN: Beware of fraudsters – CBN warns bank customers

By on December 19, 2015

Following repeated complaints from bank customers over unsolicited mails and text messages, alerting them of deactivation or suspension of their bank  accounts due to   uncompleted   Bank   Verification Number (BVN) registration, the Central Bank of Nigeria (CBN) has again cautioned customers to beware of fraudsters.

Issuing the warning in a statement, the bank’s spokesperson, Mr. Ibrahim Mu’azu, cautioned individuals against revealing their personal details with which the fraudsters intend to defraud them.

Recalling the statement earlier issued by the Bank in November 2015,  Mu’azu reiterated that neither the CBN nor deposit money banks would   request   bank   customers   to   provide   their   passwords,   card details or personal identification number (PIN).

He therefore urged bank customers to approach their respective banks on any issue bordering on the disclosure of personal bank details.

The BVN is an initiative aimed at protecting bank customers and further strengthening the Nigerian banking system. It is a unique identifier for each bank customer across the financial industry, making it possible to build and track customer financial history and activity.

It is an initiative of the Central Bank of Nigeria (CBN), in conjunction with the Bankers’ Committee meant to address the safety of customers’ funds, avoids losses through compromise of personal identification numbers and other criminal activities in the industry. BVN is also expected to encourage financial inclusion as those who have typically stayed away from mainstream banking due to low literacy levels are able to open and access their bank accounts using their biometric information rather than traditional identification methods.

 

[ThisDay]