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How Yahoo Boys Use Your BVN To Steal Money From Your Bank Accounts

Last Updated on February 2, 2021 by Ope Quadri

Have you been wondering how 419 or Yahoo Boys ( online fraudsters) in Nigeria could use your BVN to steal money from your bank account?

In this post, we’ll tell you why you need to securely safeguard your Bank Verification Number (BVN).

Quick one:

Sometimes ago, one of our members on InfomediaNG WhatsApp Group asked:

Please is there any way Yahoo boys (419) can wipe one’s bank account without ATM Debit Card pin and the digit number behind the card by using just BVN number?

Recall that the BVN was launched by the Central Bank of Nigeria (CBN) sometimes in February 2014.

It was done in collaboration with the Banker’s Committee as a centralized biometric identification system for the Nigerian banking industry.

It is a unique identification 11-digit number issued to every bank customers and linked to their bank accounts

Aim of BVN

1) To stem the increasing case of identity fraud in the banking industry.

2) To the number of accounts an individual operate among others

Since the commencement of the BVN enrolment, close to 50 million Nigerian bank customers have been enrolled. The number continues to grow as more people are banked.

Your BVN is the key to your banking accounts. If you operate five or more bank accounts, once your BVN is carelessly given out to a dubious fellow, all your accounts are at risk.

What a banker says

Someone who claimed to be a banker stated that there may not be any risk involved in disclosing your BVN, saying it does not pose any threat to the funds in your bank account

But we disagree with that submission. Because some bank officials in Nigeria have in the past compromised the information of their customers. They do this in connivance with 419 for them to get a certain percentage of the act.

Remember, fraudsters have a way of expanding their coast, by using ill-gotten wealth to win hearts of those who would be helpful in perpetrating more financial fraud, banking officials are their major target in this act.

This is how Yahoo Boys use your BVN to steal money from bank accounts if you’re not careful about where, which platform, and who you share your 11-digit BVN with.

Step 1: The fraudster establish a good rapport with baking officials

Step 2: He obtains your BVN, name, and account number through fake Google form, fake loan or grant portal where you’re directed to fill in some of your banking details to access the loan.

Step 3: He uses the details he has to obtain your financial details from his accomplice within the bank

Step 4: He uses your phone numbers to trick you into volunteering sensitive information like your Bank Card details, ATM Pin, USSD, Mobile and Online Banking Passwords.

If you give out the above details, welcome to unsolicited debit alerts.

Sometimes, they would call you, saying “we received your application, but we need to confirm that you are truly the applicant for the loan”

It’s part of their gimmick.

[click_to_tweet tweet=”How Yahoo Boys Use Your BVN To Steal Money From Your Bank Accounts” quote=”How 419 Use Your BVN To Steal Money From Your Bank Accounts” theme=”style3″]

NOTE:

No bank officials would ever call you instructing you to disclose your ATM card details or password. Don’t be lured regardless of the offer.

And in case you already did, there is a remedy…

Dial a USSD code to block withdrawal from your bank account or call the customer support of your bank for swift action.

Have you been tricked before or you’ve handed out your BVN to unknown people in recent time?

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