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CBN Monitoring Over 6,000 BVN Over Fraud Suspicion

CBN Monitoring Over 6,000 BVN Over Fraud Suspicion

The Central Bank of Nigeria (CBN) is monitoring at least 6,047 BVNs (Bank Verification Numbers) of bank customers in relation to fraud.

In a recent press release, the apex monetary authority confirmed that there were still bank accounts not associated with any BVN, only 130.57 million out of 148.46 million active accounts have been successfully linked.

The fraud report reveals that the number of suspected fraudulent accounts grew from 5,347 that it was in December 2021 to 6,047 in June 2022. In addition to this, there were also BVNs that are associated with deceased people, these too are under the institution’s searchlight.

The matter of fraud cases in Nigerian banks is becoming increasingly worrying as a PUNCH report claims that major players, like GTB, Access Bank and Wema Bank, were recording more fraudulent activities every year since 2020. Majority of these cases are from electronic/USSD fraud, fraudulent transfer/withdrawals/reactivation of account, and outright theft.

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In the first half of 2022, Access Bank Plc reported N1.2bn as fraud losses from 10,706 fraud attempts; GTB saw a loss of N1.08bn from more than 7,928 fraud attempts; and Fidelity Bank recorded a loss of N4.90m and $2,400 from 1,167 fraud incidents.

Meanwhile, CBN Director of the Payments System Management Department, Musa Jimoh, said that the overall successful fraudulent transactions reduced by 35 per cent in 2022.

Musa Jimoh
Musa Jimoh at an event. Image Source: Nairametrics.

“We have actually tamed down the incidence of fraud. We have recovered so many lost funds and we are putting formidable systems around our payment infrastructure and financial system infrastructure such that fraudsters cannot penetrate,” Jimoh said in a statement.

With the sophisticated means at the disposal of bad actors, experts are encouraging the CBN to introduce sanctions that will make banks sit up.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.