Fraudsters exploited vulnerabilities in Nigeria’s banking system to steal over N1 billion through Bank Verification Numbers (BVNs) illegally registered minors.
This is according to a new report by the Nigeria Inter-Bank Settlement System (NIBSS) on recent fraud trends in the country.
The report highlights a growing trend of financial fraud, with compromised bank officials and agents illegally registering BVNs for minors and using them to open enterprise accounts through which fraudulent transactions were carried out.