BVN Scam Exposed: How Fraudsters Stole ₦329 Million From Innocent Nigerians

Fraudsters have allegedly siphoned ₦329 million from Nigerians by manipulating Bank Verification Number (BVN) registrations using static images.

A recent report by the Nigeria Inter-Bank Settlement System (NIBSS) exposes this fraudulent activity, revealing how unethical BVN enrollment agents registered still images of both Nigerian and foreign individuals as live enrollees.

These fraudulently obtained BVNs were then used to open fake accounts across microfinance banks, mobile money operators, and payment service banks, facilitating transactions totaling ₦329 million within days.

Investigations uncovered that some of these BVNs were assigned Nigerian names, making detection difficult during the enrollment process. As a result, numerous fraudulent BVNs were deleted, and implicated agents have been reported to law enforcement for possible arrest and prosecution.

The NIBSS report states:
“Still images of Asians and Nigerians were used for BVN registration by fraudulent agents. These BVNs were then used to open accounts in MFBs, MMOs, and PSBs. Approximately ₦329 million, linked to fraudulent transactions, was funneled through these accounts shortly after their creation. BVNs created using still images of Asians were assigned Nigerian names, but they were later discovered and deleted. The agents involved have been reported to law enforcement for further action.”

Additionally, the report highlights that fraud-related losses in 2024 skyrocketed to ₦52.26 billion—a staggering 350% increase from the ₦11.61 billion recorded in 2020. However, the total number of reported fraud cases declined by 31%, dropping from 101,624 in 2020 to 70,111 in 2024.