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CBN Places More Than 6000 Bank Verification Numbers on Watch List for Fraudulent Activities

CBN Places More Than 6000 Bank Verification Numbers on Watch List for Fraudulent Activities

The Central Bank of Nigeria, CBN has placed about 6,047 Bank Verification Numbers of bank customers under a watch list for fraudulent transactions.

This revelation was made known in the CBN Financial Stability June 2022 report that was published in December 2022.

The report also revealed that 11,871 BVNs have been watch-listed as deceased individuals number this year.

The Financial Stability report additionally disclosed that the apex bank conducted an assessment of 28 banks and the Nigerian Interbank Settlement System to determine their compliance with the Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry in the review period.

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Upon conclusion of the assessment, it was revealed by the assessment that some infractions and regulatory actions were taken.

The report also further noted that there were 2.72 million BVNs enrolled in the first half of this year, bringing the total number of enrolled BVNs to 54.65 million in 2022.

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