How hackers stole ₦329m using fake images for BVN enrolment – Report
A recent report by the Nigeria Inter-Bank Settlement System has revealed an emerging fraud trend in the country’s financial sector.
Hackers have allegedly stolen ₦329 million by utilizing static images to register for Bank Verification Numbers.
According to the report obtained by this newspaper, some unscrupulous BVN enrollment agents facilitated the scheme by registering still images of individuals, both Nigerians and foreigners, as live enrollees.
The BVNs were then used to open fraudulent accounts across microfinance banks, mobile money operators, and payment service banks.
The fraudulent scheme enabled transactions involving the ₦329m just days after the BVNs were generated and the fake accounts were created.
Investigations showed that some of the BVNs created using static images were assigned Nigerian names, which made it difficult to detect their fraudulent nature during the enrolment process.
The discovery led to the deletion of several fraudulently created BVNs, and the agents involved have been reported to law enforcement agencies for arrest and prosecution.
READ ALSO: Hacker breaches Moniepoint vault, steals ₦1.1bn
The report read, “Still images of Asians and Nigerians are taken and enrolled for BVN by recalcitrant agents. Accounts are opened with these BVNs in MFBs, MMOs, and PSBs.
“An estimated ₦329m being proceeds of fraud was received into some of the accounts opened with the BVN generated with these still images a few days before the fraud.
“More BVNs created with still images of Asians are given Nigerian names these were discovered during reviews and subsequently deleted. Agents were reported to LEAs for arrest and prosecution.”
The NIBSS report highlighted that the total amount lost to fraud in 2024 surged to ₦52.26bn, representing a 350 per cent increase from ₦11.61bn recorded in 2020.
However, the total number of fraud cases reported dropped by 31 per cent, from 101,624 in 2020 to 70,111 in 2024.
The report attributed the increase in fraud losses to more sophisticated fraud schemes, system vulnerabilities, and a rise in high-value fraud incidents.
Attempted fraudulent transactions in 2024 amounted to ₦86.36bn, with actual losses rising by 195 per cent compared to 2023.
As part of efforts to curb fraudulent BVN activities, the Central Bank of Nigeria has mandated that financial institutions report fraudulent BVNs to NIBSS within 24 hours of detection.
Follow the Neptune Prime channel on WhatsApp:
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
