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See How Fraudsters Steal N329 Million Using Static Images for BVN Registration

Published by on March 2nd, 2025.


See How Fraudsters Steal N329 Million Using Static Images for BVN Registration

The Nigeria Inter-Bank Settlement System (NIBSS) has uncovered a scheme where fraudsters stole N329 million by using static images to register for Bank Verification Numbers (BVNs). The report highlights emerging fraud trends within Nigeria’s financial sector.

 

According to the findings, certain dishonest BVN enrollment agents played a key role in the scam by submitting still images of individuals—both Nigerians and foreigners—under the guise of live enrollees. These fraudulent BVNs were then used to open fake accounts at microfinance banks, mobile money operators, and payment service banks.

 

The fraudulent activities resulted in the theft of N329 million shortly after the BVNs were issued and the fake accounts were activated. The names attached to these BVNs were Nigerian, which made it difficult to identify the fraud during the enrollment process.

 

Following the discovery, several of the fraudulent BVNs were deleted, and the agents involved have been reported to law enforcement authorities for arrest and prosecution.

 

The report further reveals that agents enrolled still images of both Nigerian and Asian individuals, who were then used to open accounts at various financial institutions. These fraudulent BVNs were later identified and deleted after review. The NIBSS report also highlighted a significant rise in fraud-related losses, with the total amount stolen in 2024 reaching N52.26 billion, marking a 350% increase from N11.61 billion in 2020.

 

 

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