Bank Verification Number

The Bank Verification Number commonly called BVN is a biometric identification system implemented by the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria.[1] It is a modern security measure in line with the Central Bank of Nigeria Act 1958 to reduce fraud in the banking system.[2]

The system works by recording fingerprints and a facial photograph of the client.

Issues arose where fraudsters attempted to use the launch of the system to phish for customers' bank details.

References

  1. ↑ "Importance of bank verification number". Vanguard News. Retrieved June 17, 2015.
  2. ↑ "Only 7% registered for BVN –NIBSS'". The Sun News. Retrieved June 17, 2015.
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