What is Bank Verification Number (BVN) ? :
The Bank Verification number usually known as BVN may be a identity verification system enforced by the financial institution of Nigeria|African country|African nation} to curb or scale back extralegal banking transactions in Nigeria. It’s a contemporary security measure in line with the central bank of NIgeria Act 1958 to scale back fraud within the banking industry.
The system works by recording fingerprints and a facial photograph of the bank users.
Issues arose where fraudsters tried to use the launch of the system to phish for customers’ bank details.
The BVN is a 11 digit number that goes about as your general ID in all banks in Nigeria. Consider it a socio-security number yet for the financial business.
It guarantees you can take part in exchanges and transactions anytime of Banking activities.
Objectives of Bank verification Number (BVN) :
- The purpose of the BVN is to use biometric data as a way of first identifying and confirming all bank users that have account(s) in any Nigerian bank and for future purposes, as a way of authenticating customer’s identity at a joint of transactions.
- To provide a unique identity for Bank Customers
- To certify transactions without the utilization of cards using solely biometric options and PIN
- Identification of blacklisted customers
Can Your Bank Verification Number (BVN) be used to withdraw money from your account?
Now, the question is will your BVN be a means transfer cash from your bank account? BVN can not be used to transfer cash from your bank account. it’s a rumour that when you provide out your bvn to wrong folks, they instantly have access to your account and might steal cash from your bank account. this can be not true!!! Note that BVN number is totally different from the PIN you set for your ATM card.
For Example, Some folks are scared of entering their BVN of loan apps like Paylater, Branch e.t.c . They only need it to verify your information, they don’t have control over your bank account and can’t withdraw money from your account using just your BVN even when your payment is due.
You should be concerned majorly about securing the 16- digits Number at the front of you ATM Card, your CCV, Your Card Pin, Your Linked Phone Number because these are what hackers use to steal money these days from individuals.