EFCC identified 3 primary methods through which BVN can be stolen and used for fraud

The Economic and Financial Crimes Commission (EFCC) has identified three major ways people can easily lose their Bank Verification Number (BVN).

Aminu Yusuf, Head of Economic Governance of the Sokoto zonal command of the commission, highlighted these three major ways: loss of phone, fraudulent links, and unknowingly releasing BVN details to another person.

Statistics show that most people store their BVN on their phones, making it easily recognisable. A code can be typed in all telecoms to access all BVNs, which fraudsters know and use for their fraudulent purposes.

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Fake links can be sent to customers, but these links are fake and no bank sends them to customers. Unknowingly making phones vulnerable to charging, such as in Nigeria, can also lead to a loss of BVN.

Yusuf also highlighted that pressing *56#*0# can also access a BVN on any phone linked to the user’s phone number, making these strategies criminals use. The statistics show that these are the three major ways people can lose their BVN to fraudsters.