What You Need to Know About Your Bank Verification Number
Bank Verification Number (BVN) was created to reduce fraud and other financial irregularities in the banking system.
Most people think you can be defrauded using BVN. The shocking truth still remains; “You cannot be defrauded through your BVN”.
This is because BVN was implemented as a medium through which proper identification like name, address, fingerprint, picture, phone number and other personal details of a client can be verified.
It is one person per BVN, as you are not eligible to have more than one BVN. Your BVN holds the history of your online financial transaction. Therefore, you should only use it within your financial transactions with the Bank.
BVN cannot be used to access funds or transfer fund, it is not replacing your bank account.
Transferring money from your bank account can only be done if you expose your ATM card number and your pin, and not through BVN…. please take note of this!
Be free to fill paper or online forms where BVN is required, but DO NOT give your PIN number or ATM Card details whatsoever.
A fraudster will only use your BVN to have access to the information concerning you.
With that information, they call or send you a text, while disguising as if from your bank, insurer or any financial institution.
This is to win ward off any suspicion, because only your bank is expected to have access to such info. The scammer demands for your PIN or ATM card number.
So don’t panic if you already give out your Bank verification number to someone, just make sure you save your ATM card details
Beware and stay protected from fraudsters.
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