People are sometimes worried if money can be stolen from their bank account through the use of their BVN.
The truth is, BVN alone cannot be used to steal money from your account but when you let your BVN out into the wrong hands you’re simply giving a step towards compromising your account.
What am I saying?
If you are now not cautious enough with your Bank Verification Number (BVN) number, and it gets to the wrong hands (fraudsters) they can use the information to trick you into giving out important information like your Bank Card details, ATM Pin, USSD, Mobile and Online Banking Passwords which then can be used to take your money from your account.
How your BVN can be used to Steal Money from your Bank
Fraudsters can work in conjunction with some greedy bank officials who can commit BVN fraud via the use of your BVN to see and retrieve all your Bio-Data and use it to deceive you into divulging information about your bank details.
Fraudsters can also get access to your debit card and get details or cajole you into giving them your OTP code disguising as a banker seeing he has accessed your bio-data from your BVN.
Precaution to be Taken to Prevent BVN Fraud
We shouldn’t disclose our bank details to anybody that is why our bank tells us every time “they will NEVER ask for our debit or credit card number, CVV, expiry date, PIN or verification code via Telephone, SMS, Email, Live Chat, or Social media“.
So if anyone wants to use the facts that he/she has our BVN number to trick us into telling our important information we should know immediately that it is a scam.
We should note that without us giving the fraudsters or them getting our personal information from bank officials they can’t use our BVN to steal our money because BVN is just like any other form of identification, additional information will be needed for them to defraud.