Fraudsters have reportedly looted ₦329 million from Nigerians using static images to register for Bank Verification Numbers (BVNs).
This information is detailed in a recent report by the Nigeria Inter-Bank Settlement System, which highlights emerging fraudulent activities within Nigeria’s financial sector.
As per the report, certain unethical BVN enrollment agents played a crucial role in this scheme by registering still images of both Nigerian and foreign individuals as if they were live enrollees.