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 Decree to reduce fraud in the Nigerian 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.
This article is issued from Wikipedia - version of the 4/3/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.