Fraudsters Exploit BVN System, Steal N329 Million Using Fake Images

 A sophisticated fraud syndicate has successfully defrauded Nigerian banks of N329 million by exploiting loopholes in the Bank Verification Number (BVN) registration process.

According to reports, the criminals used manipulated images and forged documents to create fake identities, enabling them to gain access to funds illegally.

Authorities investigating the case revealed that the syndicate took advantage of weak security measures in BVN enrolment, raising concerns about potential vulnerabilities in the banking system. Financial institutions have since begun tightening verification protocols to prevent further breaches.

Cybersecurity experts have warned that without enhanced biometric authentication and stricter oversight, similar fraud schemes could continue to pose a threat to Nigeria’s financial industry. Meanwhile, law enforcement agencies are intensifying efforts to track down those behind the scam.