By Ade Iyamoye
Fraudsters have stolen N329 million by using static images to register fake Bank Verification Numbers (BVNs), a new report by the Nigeria Inter-Bank Settlement System (NIBSS), has revealed.
Corrupt BVN enrollment agents allegedly facilitated the scam, allowing fake accounts to be opened across microfinance banks, mobile money operators, and payment service banks.
The fraudulent accounts processed transactions worth millions just days after creation.
Authorities have since deleted several fake BVNs, while those involved have been reported for arrest and prosecution.
Meanwhile, financial fraud in Nigeria has surged, with total losses hitting N52.26 billion in 2024—a 350% increase from 2020.
